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Delta Air Lines profit slumps on higher expenses

[October 16, 2014]  (Reuters) - Delta Air Lines Inc's <DAL.N> quarterly profit slumped 74 percent as higher operating expenses did not allow the U.S. airline to take advantage of strong business and leisure travel. 

Total operating expenses jumped 16 percent to $10.34 billion in the third quarter ended Sept. 30.

Delta's shares were down 2 percent at $31.75 before the bell.

The Atlanta-based airline also booked a $134 million loss on extinguishment of debt and set aside $222 million as income tax provision.

Operating revenue increased 6.6 percent to $11.18 billion and traffic increased 3.7 percent.

Net income dropped to $357 million, or 42 cents per share, from $1.37 billion, or $1.59 per share, a year earlier.

Excluding certain one-time items, Delta earned $1.20 per share.

(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Joyjeet Das and Feroze Jamal)

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