UAL Inc., parent of the second largest U.S. airline, Monday reported 1986 earnings of $11.6 million, compared to a $48.7-million loss a year earlier.
The Chicago-based company, which termed last year's financial results "disappointing," said the 1985 figure was not comparable to 1986's because of a 29-day strike in 1985 by workers at United Airlines, its major subsidiary.
During its fourth quarter, UAL lost $13.6 million, compared to earnings of $20.8 million in the same 1985 period. Consolidated results in the fourth quarter of 1985 included a $136.8-million gain from the recapture of pension fund assets at United.
UAL said it benefited from foreign exchange gains of $19 million during the quarter. "Substantially all were unrealized gains on (Japanese) yen-dominated debt due 1991 through 2001," UAL said.