TRANS WORLD Airways (TWA) has revealed that it ended 1994 with losses of $436 million, although the struggling airline takes some comfort from an improvement in its unit costs and a reduced operating loss.
Unit costs fell by more than 2%, because of early returns from a new business plan, while yields were virtually unchanged. Group sales grew by more than 6% to reach $3.4 billion on the back of rising passenger traffic.
TWA also managed to trim its operating loss by $180 million, taking it down to $104 million. The net result was hit by $175 million of charges, however, to cover restructuring costs.
Source: Flight International
