Continental Posts Big Loss, Plans Layoffs and Fee Increases

By: Associated Press
By: Associated Press

DALLAS -- Continental Airlines posted a big loss for the second quarter as traffic fell, and the carrier says it will cost 1,700 jobs and raise the fee for checking luggage.

The Houston-based airline said Tuesday it lost $213 million, or $1.72 per share in the quarter that ended June 30, compared with a loss of $5 million, or 5 cents per share, a year earlier.

Excluding one-time charges, the loss was $169 million, or $1.36 per share. Analysts expected a loss of $1.35 per share excluding charges.

Revenue tumbled 22.7 percent, to $3.13 billion.

The company said it would cut jobs and raise by $5 each the fees for checking a first bag and booking a reservation over the phone. NOTE: The head of operations at Easterwood Airport, John Happ, says he hasn't been informed whether the layoffs will affect workers at the College Station airport, where Continental Connection flights come in and out.

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