Frontier Airlines posts $2.9 million quarterly loss

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Frontier Airlines posts $2.9 million quarterly loss


Thursday August 1, 6:57 PM EDT

DENVER, Aug 1 (Reuters) - Low-cost air carrier Frontier Airlines Inc. (FRNT) reported a quarterly loss on Thursday, citing a slow recovery in business travel and weak airfares following the Sept. 11 U.S. hijack attacks.

Denver-based Frontier reported a loss of $2.9 million, or 10 cents a share, for its fiscal first quarter, compared with net income of $7.7 million, or 26 cents a share for the same quarter last year.

Analysts, on average, expected Frontier to report a loss of 9 cents a share, according to Thomson First Call.

Total revenue was $111.8 million in the first quarter, down from with $123.3 million a year earlier, Frontier said.

The company reported a small fourth-quarter profit in May, but warned in June that it expected a first-quarter loss and asked the federal government to back 85 percent of $70 million in loans under the airline bailout program established following the hijack attacks last year.


Roger
EWROPS

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