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Old 10-16-2002, 01:36 AM   #1
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Worst Q3 loss for Delta

Worst Q3 loss for Delta

Delta Air Lines is to defer deliveries of new aircraft for the next two years after it reported its worst third-quarter loss in its 73-year history.
The decision to postpone delivery of 29 Boeing jets scheduled for 2003 and 2004 is aimed at cutting capital expenditure by $1.3bn.

The fleet reorganisation will come as a heavy blow to Boeing, Delta's sole supplier of jets of more than 100 seats, which reports its third-quarter results on Tuesday.

The aircraft maker has warned it would take a $250m charge in the quarter to reflect the impact the industry downturn has had on aircraft values. Delta said it was grounding its fleet of 15 long-haul Boeing MD-11s from early next year to reduce operating costs.
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