US Airways Group posted a first-quarter net profit of $48 million versus a $114 million loss a year earlier.

The net profit included a special $70 million credit associated with a slot transaction executed with Delta at New York LaGuardia and Washington National airports. "We are pleased to report significantly improved first quarter financial results in spite of record high fuel prices," according to CEO Doug Parker. "Consumer demand for our product remains very high, resulting in record-high first-quarter revenue, load factor, yield and passenger revenue per available seat mile." Passenger revenue increased 11.5 percent to $2.9 billion.