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US Airways 4th-qtr income falls as higher fuel costs overshadow increasing passenger revenue
NEW YORK (AP) ' US Airways says its net income fell 35 percent in the last three months of 2011 as rising passenger revenue wasn't enough to offset a steep increase in fuel prices.
The Tempe, Ariz., company said Wednesday that it earned $18 million, or 11 cents per share in the fourth quarter, compared with $28 million, or 17 cents per share, a year earlier. Excluding charges, it earned 13 cents per share in the most recent quarter.
Revenue rose 9 percent to $3.16 billion. US Airways Group Inc. expects passenger demand to remain strong. The money it made to fly a passenger one mile rose 9.9 percent to a record 15.2 cents in the quarter, as the airline raised fares in an attempt to offset a $232 million increase in fuel costs.