American Airlines books first adjusted profit since start of pandemic

[July 21, 2022]  (Reuters) - American Airlines Group Inc on Thursday posted its first adjusted quarterly profit since the onset of the COVID-19 pandemic as a boom in travel demand more than offset higher costs.

An American Airlines Airbus A321 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake

The lifting of coronavirus curbs and bottled-up travel demand have sparked the strongest summer for U.S. carriers in three years, putting them on track for a profitable quarter despite a larger fuel bill. American Airlines reported an adjusted profit of $533 million, or $0.76 per share, for the quarter ended June 30, compared with a loss of $1.09 billion, or $1.69 per share, a year earlier.

The Fort Worth, Texas-based airline's operating revenue rose to about $13.42 billion, from about $7.48 billion a year earlier.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Aditya Soni)

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