TWA Reports a $4.4-Million Loss in Its Second Quarter
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NEW YORK — Trans World Airlines Inc. reported Friday a net loss of $4.4 million for the second quarter, which it attributed partly to expenses stemming from last year’s privatization of the carrier.
TWA, owned by takeover specialist Carl C. Icahn, said its second-quarter loss contrasted with a net profit of $97.2 million in the same period in 1988.
The year-earlier results include a one-time gain from litigation between TWA and the estate of the late Howard Hughes, a previous owner. The results for the latest quarter do not include about $87 million in unrealized gains from TWA’s investment portfolio, the company said.
The latest loss occurred despite a 5.7% increase in second-quarter revenue to $1.20 billion from $1.14 billion.
Late last week, TWA suspended contract talks with the machinists union because of the possibility of a merger or change in management at the airline, union officials said.
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