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July 31, 2012

AMR made a profit of $33 million in June

According to a court filing made Tuesday afternoon, AMR Corp. said it made a profit of $33 million in June.

This is the first month since the Fort Worth-based carrier began filing monthly financial reports with the bankruptcy court where American Airlines' parent company made money.

Excluding a net charge of $21 million in reorganization fees, AMR montly profit would have been even higher at $54 million.

The company said it spent $26 million on professional fees during the month but realized $5 million in gains on aircraft financing renegotiations.

AMR also said that its mainline carrier, American Airlines, had passenger revenues of $1.7 billion with its regional affiliates, including American Eagle, bringing in $277 million in revenues. Total revenues for the month were $2.2 billion.

The company ended the month with $371 million in cash and $4.6 billion in short-term investments for a total of about $5 billion on hand, about the same as May.

-Andrea Ahles

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Comments

JoeJett

I'am just a simple aircraft mechanic, But please correct me on this. AMR/American has 5 Billion in the bank, Another 5 Billion in investments. At the end on July had 371 million in cash on hand (I over drafted my bank account)and made a profit of 33 million dollars in June....BUT they want cut backs because labor costs forced them into Bankruptcy ????

Andrew

Joe,

Remember, that's $33 million off of $2.2 billion in revenue...roughly a margin of 1.5%, and that is in the third most profitable month of the year for AMR (many months they lose money). Not sure where you got the extra $5 billion, but yes they have roughly $5 billion on hand, that is to operate the airline (without it and with a shock of some kind, the airline ceases to exist), and the company has leveraged pretty much every asset that they have to get to that number.

I am truly sorry to hear about your personal financial situation, but yes, they needed to go into bankruptcy to cut labor costs.

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