Business

Cheap fuel helps United Airlines makes record profit

airplane Image copyright United Airlines

United Airlines reported a record quarterly profit mostly driven by low oil prices and a tax windfall.

The company reported net income of $4.82bn, which included a $3.22bn tax benefit, up from $924m in the third quarter of 2014.

The low price of fuel helped the company save $1.19bn.

Third quarter revenue fell 2.4% to $10.3bn from $10.5bn. Total passenger revenue was down 3.8% with passengers paying about 6% less for every mile.

On Monday, United Airlines' new chief executive Oscar Munoz suffered a heart attack, after just 39 days in charge.

The company's general counsel Brett Hart is acting chief executive.

Mr Munoz took over the role after former boss Jeff Smisek resigned after an investigation into the airline's relationship with the Port Authority of New York and New Jersey.

More on this story