US Airways reports quarterly net profit of $306m

US Airways Group reported second quarter 2012 net profit excluding net special charges, was a record $321m versus $106m in the Company’s second quarter 2011. On a GAAP basis, the Company reported a record net profit of $306m for its second quarter 2012 compared to a net profit of $92m for the same period in 2011. Total revenues in the second quarter were a record $3.8bn, up 7.2% versus the second quarter 2011 on a 1.0% increase in total available seat miles (ASMs). Total revenue per ASM was a record 16.30 cents, up 6.1% versus the same period last year, driven by a 7.4% increase in passenger yields. As of June 30, 2012, the Company had $2.9bn in total cash and investments, of which $393m was restricted. That is up from $2.6bn, of which $388m was restricted, on June 30, 2011.