United Airlines posts US$1b profit on summer travel

Cheaper jet fuel and slightly higher fares helped United Airlines boost Q3 profit 23% to US$1b. The results released Tuesday were better than Wall Street expected, and United raised its forecast of full-year profit. United indicated that demand for leisure and business travel is holding up well despite concern about the slowing global economy, although there are pockets of weakness such as China. The worldwide grounding of the Boeing 737 Max led to thousands of canceled flights and lost revenue for United, although the company did not provide figures. The airline has removed the Max from its schedule until Jan 6 and dropped nearly 8,300 flights between October and early January. Investors worry that when the grounded planes return to United, Southwest and American, there will be more seats for sale and fares will drop. <br/>