Continental loses $109 million

Despite a stronger-than-expected boost from holiday travelers, Continental Airlines (CAL) lost $109 million during the fourth quarter, bringing its losses for 2002 to $451 million.

Continental´s fourth-quarter loss was equivalent to $1.67 per share, compared with a shortfall of $149 million, or $2.58, for the same period in 2001.

Analysts had expected the airline to lose $1.94 per share, according to a survey by Thomson First Call.

For the full year, Continental´s loss was equivalent to $7.02 per share, compared with a loss of $95 million for all of 2001. The 2002 figure included a $264 million pretax charge for fleet disposition and impairment.