Fare Wars Blamed as PSA Suffers $11.8-Million Loss
Blaming an ongoing airline fare war, San Diego-based PSA Inc., the parent of Pacific Southwest Airlines, reported an $11.8-million net loss and revenue that rose 25% to $212 million for the first quarter ended March 31.
Bad weather in the Pacific Northwest that forced flight cancellations and costs generated by the addition of seven new destinations produced a $10.3-million airline operating loss. PSA’s non-airline operations generated a $1.4-million loss.
PSA also recorded a $5.2-million non-operating loss that resulted from debt payments that were adversely affected by a stronger Japanese yen.
A year ago, PSA’s airline operations had a $6.1-million profit, and PSA Inc. had a $448,000 net loss.
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