Continental Airlines to cut 1,700 jobs
Issued on: Modified:
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."
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