DENVER—A profit for Frontier Airlines Holdings Inc. in December has set the stage for the airline to emerge from Chapter 11 bankruptcy protection, possibly as soon as the summer, Frontier CEO Sean Menke said Wednesday.
Frontier said it earned $18.7 million in December and had a net profit of $1.1 million for the quarter.
Excluding special items such as reorganization expenses and the sale of two aircraft, the Denver-based airline said its net income would have been $17 million for the month and $7.7 million for the quarter ending Dec. 31.
In the same quarter a year earlier, Frontier reported a net loss of $32.5 million.
Frontier said total mainline unit revenue rose 10.2 percent in the quarter, year-over-year.
It was the most profitable December in history for the airline, which has slashed jobs, flight capacity and expenses as it works to emerge from bankruptcy. It was also the first time the airline was profitable in the December quarter in five years, Menke said.
The airline now is talking to potential investors with hopes of securing about $125 million to $150 million to emerge from bankruptcy, Menke said.
Frontier’s profit came as several airlines, including Southwest Airlines Co., posted losses in the fourth quarter.
“We have really made drastic changes on cost structure,” Menke said. “We are one of the lowest-cost operators in North America.”
