Southwest Air Loses $4.6 Million
DALLAS — Southwest Airlines today reported a fourth-quarter loss of $4.6 million, compared to a profit of $8.1 million, or 18 cents a share, in the same period of 1989.
A 63.4% jump in the cost of jet fuel during the quarter, which reduced after-tax earnings by $17.1 million, was blamed for the decrease in earnings.
Revenues for 1990’s fourth quarter increased 18% to $301.6 million from $255.6 million in the 1989 quarter.
For the year, Southwest earned $47.1 million, or $1.10 a share, compared to a record profit of $71.6 million, or $1.58 a share, in 1989. Revenues for the year totaled $1.19 billion, up 16.9% from $1.02 billion in 1989.
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