United Airlines, the US carrier, yesterday said higher fuel costs had caused it to swing to a quarterly net loss. While the price of oil and related commodities, including jet fuel, remain well above where they traded a year ago, they have slipped in recent months.
The volatility has, in turn, forced carriers such as United and Southwest Airlines to mark down the value of some fuel hedges, while also paying a higher average price to fuel their fleet. United reported a net loss of $779m, or $6.13 a share. A year ago, the Chicago-based airline earned $334m, or $2.21 a share.
