United Air Lines reports August revenue of $1.64 billion

By Jeff Pines

Washington, Sept. 23 - United Air Lines, Inc.'s parent UAL Corp. reported its revenue for the month of August as $1.64 billion with a net loss of $54.61 million.

Jack Brace, chief financial officer and executive vice president pointed to the high cost of fuel, intense competition and a weak domestic market as continuing problems for the Chicago-based airline.

"The environment does not appear to be changing, so we must, if we are to be competitive. The situation underscores our need to quickly reduce our cost structure even further and move forward with our restructuring work and our efforts to attract suitable exit financing," he said in a news release.

UAL had cash of $2.0 billion at the end of August, including $839 million in restricted cash. The cash balance decreased $77 million during the month.

UAL filed for bankruptcy on Dec. 9, 2002. Its Chapter 11 case number is 02-48191.

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