Dårlig for CO
Continental Loses US$3 Million a Day in January
February 17, 2005 - Continental Airlines is in financial trouble. Continental CEO Larry Kellner announced this to his staff last Friday.
Last month the American SkyTeam partner lost USD 3 million (EUR 2.3 million) each day. The loss does not include revenues of USD 51 million stemming from ExpressJet shares in Continental's pension arrangements. Factoring in these revenues, losses still amounted to more than USD 1.5 million (EUR 1.16 million) per day.
Mr. Kellner further mentioned that financial projections are not favorable. This year, Continental expects to lose hundreds of millions of dollars. According to the CEO, the airline cannot afford to continue this way and some far-reaching measures will have to be taken if it is to survive. The SkyTeam partner will attempt to enter into salary negotiations in order to create some financial leeway. So far, they have already regained USD 169 million (EUR 131 million) of the USD 500 million (EUR 388 million) they need.
Continental Loses US$3 Million a Day in January
February 17, 2005 - Continental Airlines is in financial trouble. Continental CEO Larry Kellner announced this to his staff last Friday.
Last month the American SkyTeam partner lost USD 3 million (EUR 2.3 million) each day. The loss does not include revenues of USD 51 million stemming from ExpressJet shares in Continental's pension arrangements. Factoring in these revenues, losses still amounted to more than USD 1.5 million (EUR 1.16 million) per day.
Mr. Kellner further mentioned that financial projections are not favorable. This year, Continental expects to lose hundreds of millions of dollars. According to the CEO, the airline cannot afford to continue this way and some far-reaching measures will have to be taken if it is to survive. The SkyTeam partner will attempt to enter into salary negotiations in order to create some financial leeway. So far, they have already regained USD 169 million (EUR 131 million) of the USD 500 million (EUR 388 million) they need.
