Continental Airlines reported a second quarter 2009 net loss of $213 million. Excluding $44 million of previously announced special charges, Continental recorded a net loss of $169 million. Second quarter results were adversely affected by significant declines in high yield traffic as many business travelers curtailed travel or purchased lower yield economy tickets due to the weakened economy. In addition, the H1N1 virus reduced second quarter consolidated passenger revenue by an estimated $50 million. Fuel expense declined $762 million (46.1%) in the second quarter 2009 compared to the second quarter 2008, while revenue declined $918 million compared to the same period.
In response to the significant decline in revenue, Continental is implementing a number of measures to raise revenues and reduce costs that are designed to achieve approximately $100 million in annual benefits when fully implemented in 2010.
