United parent posts net loss in May

UAL Corp., parent of bankrupt United Airlines, Tuesday reported a net loss of $93 million in May, including $36 million for reorganization expenses.

The No. 2 U.S. carrier said its operating loss was $21 million for the month, reversing an operating profit of $9 million in May 2004. The company noted that fuel expenses rose $93 million year over year.

"Fuel is a brutal challenge for our industry. In the face of this challenge, we continue to improve operations across the company, targeting every area of non-labor cost reduction and revenue generation opportunity," Chief Financial Officer Jake Brace said.

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The No. 2 U.S. carrier ended the month with a cash balance of $2.6 billion, $957 million of which was restricted. UAL's cash balance increased by $143 million in May, driven by strong receipts and effective cost controls, the airline said.

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UAL said it met the requirements of its debtor-in-possession financing.

United has been in bankruptcy since December 2002 and lately has been battered by soaring fuel costs, weak revenue and competition from low-cost carriers.