UNITED AIRLINES (CALPRB) has reported 79.96 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $965 million, or $3.01 a share in the quarter, compared with $4,816 million, or $12.82 a share for the same period last year. Revenue during the quarter dropped 3.81 percent to $9,913 million from $10,306 million in the previous year period. Gross margin for the quarter expanded 188 basis points over the previous year period to 66.31 percent. Total expenses were 83.62 percent of quarterly revenues, up from 81.57 percent for the same period last year. That has resulted in a contraction of 204 basis points in operating margin to 16.38 percent.
Operating income for the quarter was $1,624 million, compared with $1,899 million in the previous year period.
"We delivered another very good quarter, demonstrating the progress United continues to make at improving our customer experience, which included our best third quarter on-time performance in company history," said Oscar Munoz, chief executive officer of United Airlines. "As we execute our strategy to build the world’s best airline, we will remain intensely focused on engaging our employees, running a great operation and improving our financial performance."
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