Trans World reports in with sharp quarterly loss
Trans World, corporate parent of Trans World Airlines, attributed an 88 percent decline in 1980 second-quarter earnings to rising costs and the recession. The travel industry blames the recession for forcing many people to take less expensive vacations or cancel their plans altogether, while fuel costs for airlines have more than doubled in the past year.
Trans World earned $11.9 million, or 41 cents a share, in the April-June period, down from last year's $58.8 million, or $3.42 a share.
American, the nation's second-largest carrier, last week reported a loss of $ 34.8 million, compared with a profit of $95.3 million in the same period last year.