Despite high fuel costs, US Airways Group, Inc. reports that for the fourth quarter of 2011, net profit excluding net special charges was $21 million. Net profit excluding net special charges for the fourth quarter 2010 was $28 million. On a GAAP basis, the company reported a net profit of $18 million for its fourth quarter 2011, compared to a net profit of $28 million, for the same period in 2010.
For full year 2011, the group reported a net profit of $111 million, which excludes net special charges totaling $40 million. This compares to a full year 2010 profit excluding net special credits of $447 million. On a GAAP basis, the company reported a net profit of $71 million, compared to a net profit of $502 million.
"We are very pleased to report a profit for both the fourth quarter and full year of 2011, particularly given the extraordinarily high cost of jet fuel," .US Airways Group, Inc. Chairman and CEO Doug Parker said.
"Strong demand for our product and outstanding operations performance by the US Airways team resulted in numerous records set by our airline. Passenger revenue, total revenue, and passenger revenue per available seat mile all set new company records for both the fourth quarter and the full year. We also had our best fourth quarter ever in terms of operating reliability, including our best on-time performance, highest completion factor and lowest mishandled baggage ratio. Looking forward, we are encouraged by the continued strength in demand and believe US Airways is well positioned for success in 2012 and beyond," Parker said.