NEW YORK (CNN/Money) -
United Airlines, the nation's No. 2 airline that is struggling to find the financing it needs to emerge from bankruptcy, was able to post an operating profit in May.
The unit of UAL Corp. (UALAQ: Research, Estimates) reported in a Securities and Exchange Commission filing that it had earnings from operations of $9 million, an improvement from the operating loss of $154 million in the same period a year earlier.
The company said it had a net loss of $93 million in the month, though, including $58 million in reorganization expenses.
The airline said it had a cash balance of about $2.2 billion at the end of May, which was down about $61 million during the month due to a $60 million loan repayment in the period. It said it remains in compliance with the requirements of its bankruptcy financing agreements.
Last week the Air Transportation Stabilization Board, a three-member federal panel, rejected the airline's request for $1.6 billion in federal loan guarantees the airline said it needs to emerge from bankruptcy.
This week it filed a revised application for $1.1 billion in loan guarantees. In a recorded message to employees Wednesday, CEO Glenn Tilton told employees Wednesday that the airline would have to seek further cost cuts to remain competitive. But he also told them that travel bookings for the upcoming summer are very strong.