United Airlines parent UAL Corp. said Thursday it posted a profit from operations of $51 million in July in a report required by its bankrupt status.
Net profit for the month was $6 million, including $14 million in reorganization expenses. The world’s second-largest airline said it ended July with a $2.1 billion cash balance, which fell about $153 million during the month.
Of the total cash balance, $818 million was restricted for payments on certain obligations.
“July is normally one of our most profitable months, and the fact that we were only able to deliver a modest net profit underscores the ongoing challenge of record-high fuel prices exacerbated by a weak revenue environment,” said Jake Brace, executive vice president and chief financial officer.
Mainline passenger unit revenue improved 1 percent year-over-year, UAL said, while unit costs were flat. Excluding fuel, unit costs improved 6 percent.