Republic Airways profit edges up

Indianapolis-based Republic Airways Holdings Inc. generated $20.2 million in profit in the first quarter, a slight increase from the $19.3 million from a year earlier.

Excluding a loss on an interest rate transaction and a reserve on accounts receivables from Frontier Airlines, which filed for Chapter 11 bankruptcy protection April 10, Republic profit came to $23 million – a 19-percent increase from the same period in 2007.

Republic announced its earnings for the quarter ended March 31 after markets closed yesterday.

Republic stock plummeted yesterday and then staged a partial recovery after the company announced it had severed its relationship with Denver-based Frontier. The shares closed at $17.45, down 51 cents.

Frontier was one of six airlines for which Republic offers passenger service.

Republic is the parent of Chautauqua Airlines, Republic Airlines and Shuttle America, which fly smaller jets for many of the nation’s largest carriers, including American, Continental, Delta, United and US Airways.

Republic shares rose 22 cents, to $17.67, this morning.

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