For the fourth quarter 2021 Delta reported adjusted pre-tax income of US$170 million, excluding a net impact of US$564 million primarily in equity method losses, mark-to-market adjustments on investments and special profit-sharing payment. Adjusted operating revenue of US$8.4 billion, which excluded third-party refinery sales, was 74% recovered versus December quarter 2019 on capacity that was 79% restored.
Total operating expense decreased US$833 million compared to the December quarter 2019. Adjusted for costs from third-party refinery sales, total operating expense decreased US$1.9 billion or 19% in the December quarter 2021 versus the comparable 2019 period.
At the end of the December quarter, the company had US$14.2 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities.
For the full-year 2021 Delta reported adjusted pre-tax loss of US$3.4 billion excluding a net benefit of US$3.8 billion from items primarily related to the Payroll Support Programs (PSP), partially offset by equity method losses, debt extinguishment charges and special profit-sharing payment. Delta generated a pre-tax profit of US$1.1 billion in the second half of 2021. Excluding PSP, mark-to-market adjustments, equity method losses and debt extinguishment charges reported an adjusted pre-tax profit of US$386 million in the second half of 2021.
The company reported adjusted operating revenue of US$26.7 billion, which excluded third-party refinery sales, was 57% recovered versus full-year 2019 on capacity that was 71% restored.
