Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders Congo warlord germain Katanga to pay victims

Read more

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

Read more

Business

Continental Airlines to cut 1,700 jobs

Text by NEWS WIRES

Latest update : 2009-07-21

Continental Airlines announced on Tuesday that it would cut approximately 1,700 positions across the company. The cuts could save the firm 100 million dollars when "fully implemented in 2010."

AFP - Continental Airlines announced on Tuesday it would cut 1700 jobs amid a slump in revenue and passenger numbers.

The Houston-based firm said it would be "eliminating approximately 1,700 positions across the company, including management and clerical positions."

The cuts could save the firm 100 million dollars when "fully implemented in 2010."

They come on top of the previously announced removal of 500 reservation agents and leaves of absence for 700 flight attendants.

Announcing earnings for the second quarter, the airline posted a net loss of 213 million dollars at earnings of -1.72 dollars per share, close to analysts' expectations.

The net loss included previously announced charges totalling some 44 million dollars for the quarter.

"Second quarter results were adversely affected by significant declines in high yield traffic as many business travelers curtailed travel or purchased lower yield economy tickets due to the weakened economy," the airline said.

In a statement chief executive Larry Kellner said the staff cuts were part of "aggressive steps to increase revenue and reduce costs."

 

Date created : 2009-07-21

COMMENT(S)