CHICAGO—United Airlines’ parent company says it lost $542 million in the first quarter as soaring fuel expenses wiped out any chance for a profit.
It was UAL Corp.’s largest loss since before its three-year bankruptcy restructuring that ended in 2006.
The Chicago-based company says it will cut another $200 million, including eliminating 500 salaried and management jobs and 600 other jobs by year’s end. UAL also says it will cut capacity 9 percent by the fourth quarter and take 30 aircraft out of its operating fleet.
UAL’s loss was $4.45 per share. That is worse than the $3.41 per share estimated by analysts surveyed by Thomson Financial.
United is the dominant carrier at Denver International Airport, and employs about 6,000 people in the area.
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