Delta Airlines has said its second-quarter profits plunged 58% from a year ago, largely due to high fuel costs, as its earnings fell short of analysts' expectations.
Net income for the three months ending June 30 was $198m, down from $467m the same time last year, the US airline said in a quarterly earnings report. Revenue rose 12% to $9.15 billion.
Earnings per share were 43 cents, below the consensus analyst forecast of 46 cents.
'High fuel prices are putting significant pressure on the industry, but the benefits of Delta's strategic actions and the dedication of Delta employees are evident in the solid profit we produced despite more than $1 billion in higher fuel expense,' chief executive Richard Anderson said.
Delta said its average fuel price grew 90 cents per gallon to $3.22, an increase of 39% from last year. The airline said traffic rose 1% during the three months, on a 2.5% increase in capacity.
Passenger revenues were hit by $125m as a result of the March earthquake and tsumani in Japan.
