NWA reports a profit after bankruptcy

August 1, 2007 - 0:0

MINNEAPOLIS (AP) -- Northwest Airlines Corp., which emerged from bankruptcy protection on May 31, said on Tuesday that it earned 273 million dollars during its second quarter before accounting boosts related to its reorganization.

Including reorganization items Northwest earned 2.15 billion dollars, or 8.20 dollars per share, during the quarter that ended June 30.
Northwest's finances benefited from 1.94 billion dollars in reorganization items during the quarter, which included two months operating under bankruptcy protection and one month after it emerged.
Although Northwest's finances improved out of bankruptcy, it has been plagued by operating problems. It has had to cancel hundreds of flights at the end of June and July because it couldn't provide enough pilots for its planes. The airline said those problems cost it 25 million dollars during the second quarter.
""We sincerely apologize for the inconvenience these cancellations have caused our customers,"" President and Chief Executive Officer Doug Steenland said in a statement.
The airline has been recalling furloughed pilots and has reduced its August schedule in an effort to avoid a repeat of those cancellations.
""We are confident that the measures we are taking will result in materially better operational performance during the coming months,"" Steenland said.
Northwest shares rose 67 cents, or 3.7 percent, to 18.62 dollars in early trading Tuesday