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Airline raises estimate for jet fuel costs
(MENAFN- Arab News) NEW YORK: American Airlines Group raised its estimate for jet fuel costs and cut its margin forecast for the current quarter reflecting the more than 10 percent rise in UScrude oil prices since the start of the year.
The company said it would pay $1.94-$1.99 per gallon of jet fuel in the second quarter ending June 30 up from it previous estimate of $1.84-$1.89.
The airline said it now expected a quarterly pretax margin excluding special items of 17-19 percent down from the 18-20 percent it had forecast earlier.
The company's shares fell 0.4 percent to $48.85 in premarket trading on Monday.
American based in Fort Worth Texas reiterated that it expected passenger revenue per available seat mile a measure of a plane's carrying capacity to fall by 4-6 percent this quarter due to weakness on Pacific and Latin American routes.
The airline said in April it would cut capacity by 0.6 percent in 2016 after an expected increase of about 2 percent in 2015.
The company also said on Monday that its total revenue passenger miles fell 0.3 percent in April from a year earlier to 18.1 billion.
The company said it would pay $1.94-$1.99 per gallon of jet fuel in the second quarter ending June 30 up from it previous estimate of $1.84-$1.89.
The airline said it now expected a quarterly pretax margin excluding special items of 17-19 percent down from the 18-20 percent it had forecast earlier.
The company's shares fell 0.4 percent to $48.85 in premarket trading on Monday.
American based in Fort Worth Texas reiterated that it expected passenger revenue per available seat mile a measure of a plane's carrying capacity to fall by 4-6 percent this quarter due to weakness on Pacific and Latin American routes.
The airline said in April it would cut capacity by 0.6 percent in 2016 after an expected increase of about 2 percent in 2015.
The company also said on Monday that its total revenue passenger miles fell 0.3 percent in April from a year earlier to 18.1 billion.
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