DALLAS (AP) – The parent of American Airlines lost $1.1 billion in the fourth quarter as the company, which filed for bankruptcy protection in November, wrote down the value of planes and other property.
That compared with a loss of $97 million a year earlier, when the company still hoped it could avoid bankruptcy by cutting costs.
AMR Corp. said Wednesday that the loss included $768 million in special items, including $725 million from write-downs of aircraft, airport gates and a $43 million hit to lower the recognition of revenue in its frequent-flier program.
Higher fuel prices also hurt. AMR says it paid $394 million more for fuel than it would have at last year’s prices.
(Copyright 2012 by The Associated Press. All Rights Reserved.)