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November 9, 2009

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Carrier facing losses of $690 million

Thursday, Nov. 15, 2001 | 10:20 a.m.

ATLANTA -- Delta Air Lines Inc. said it expects to have "substantial" losses in this quarter and the first quarter because of lower airline ticket sales and fares following the Sept. 11 hijacking attacks.

Delta, the third-largest U.S. carrier, said that while passenger traffic is increasing slowly, revenue isn't keeping pace, partly because of lower fares. Delta is expected to post losses of $3.57 a share in this quarter and $2.13 next quarter, according to a survey of analysts by Thomson Financial/First Call.

Between Sept. 11 and yearend, the Atlanta-based carrier said it expects losses of $690 million, the same amount granted to the carrier under a federal rescue package that gave the industry $5 billion in cash aid and $10 billion in loan guarantees.

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