Alaska Air Group's profits rise, but job cuts loom

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Story Published: Jul 24, 2008 at 10:32 AM MST

Story Updated: Nov 20, 2008 at 11:39 PM MST

By Associated Press

SEATTLE (AP) - Alaska Air Group, which operates Alaska Airlines and Horizon Air, reports that its second-quarter profit rose 37 percent despite rising fuel prices, as it accounted for fuel hedges that will close in future quarters.

The group also says it will cut capacity, and suggested job losses are coming in the fall.

Alaska Airlines and Horizon Air serve about 26,000 passengers a day at Sea-Tac International airport, nearly half the airport's passenger traffic.

The company said it made $63.1 million, or $1.74 per share, during the quarter that ended June 30. That was up from $46.1 million, or $1.13 per share, for the corresponding period last year.

Revenue rose 3 percent to $930.8 million, from $904.4 million during the 2007 quarter.

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