TWA Loss Hits $169.6 Million in 1st Quarter
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NEW YORK — ubled Trans World Airlines reported Friday that its loss for the first quarter more than doubled to $169.6 million from the $74.3 million that it lost in the same quarter of last year.
TWA’s quarterly operating revenue fell to $656.4 million from $766.2 million, a 14.3% year-to-year decline. Operating expenses dropped to $805.8 million in this year’s first quarter from last year’s $834.3 million.
The airline said a variety of factors contributed to the loss. These included the impact of a strike of flight attendants that began March 7, the weaker U.S. dollar, airline fare wars and the public’s growing apprehension about flying overseas as a result of recent terrorist acts.
The amount of the TWA loss is significantly greater than the $123 million predicted by Carl C. Icahn, the airline’s chairman.
In another development, TWA’s talks with the striking flight attendants, which resumed Thursday, broke off.
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