Delta Air Lines clings to $7M profit in 4Q
MINNEAPOLIS – Delta Air Lines Inc. said Tuesday that its fourth-quarter profit was nearly wiped out by Superstorm Sandy and special charges.
The storm forced airlines to cancel more than 20,000 flights. The impact was bigger at Delta because Sandy also slowed its operations at its new oil refinery near Philadelphia.
Delta's goal in restarting the refinery was to maximize jet fuel production and reduce the airline's fuel bill. But Sandy slowed the refinery's restart, and the refinery lost $63 million for the quarter and added 7 cents per gallon to the price of Delta's jet fuel. Delta said it expects the refinery to be profitable in the current quarter.
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