Delta Airlines has just reported a second quarter loss just shy of $2 billion, or $15.79 per share. Two non-cash charges that accounted for the lion's share of the red ink are a $1.53 billion debit related to deferred income taxes and a $117 million charge to cover more pilot retirements than expected. The loss, other than the two charges, amounted to $312 million. In a conference call with financial analysts, CEO Gerald Grinstein said financial pressure on the airline continues to grow. And the financial hole it must fill is getting deeper. Continued weak domestic yields, down 2.7% from the same quarter in 2003, drove a decline in passenger unit revenues of 2.3%. At the same time, fuel expenses rose 53.8%. A new strategic plan on how to operate in the current market is being developed by management.
