US Airways latest to be hit by rising fuel

US Airways latest to be hit by rising fuel

US Airways Group has become the latest airline to report a net loss on the back of rising fuel costs.

The airline lost $114 million, or 71 cents per diluted share, on total revenues of $2.96 billion for the quarter ending March 31st.

US Airways’ revenues for the quarter included $2.58 billion in total passenger revenues, $43 million in cargo revenue and $333 million in other unspecified income.

That compares to a net loss of $45 million, or 28 cents per diluted share, on total revenues of $2.65 billion for the same quarter in 2010.

The airline’s revenues for the 2010 first quarter included $2.29 billion in total passenger revenues, $33 million in cargo revenue and $319 million in other unspecified income.

US Airways chief executive, Doug Parker, said: “Our first quarter results were clearly impacted by the extremely high price of oil, but our team did an exceptional job of managing to largely offset that impact.

“We also continued to keep our non-fuel expenses in check.”

The news follows earlier results from Delta Air Lines, United Continental Holdings and American Airlines - all of whom had been pushed into the red by rising fuel costs.