HOUSTON - Faced with soaring fuel prices, Continental Airlines Inc. is warning of hefty losses this year and beyond — plus possible employee furloughs and cuts to wages and benefits.
The carrier announced a worldwide fare hike late Tuesday designed to help offset an additional $700 million in fuel charges the airline said it was facing this year because of surging crude oil prices.
As a result, Continental said it no longer expects to break even in 2004 and could have a significant loss for the year because of the rising fuel costs coupled with low fares. The company is also predicting losses in the quarter ending June 30.
http://msnbc.msn.com/id/5012516/March 2001 to May 2003, CNBC, FOX, CNN, MSGOP..., 'The economy is just fine and the recovery will be here next quarter.'
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