compared with a $168 million loss for the same period last year. Though the revenue environment for the quarter was sluggish, cost reductions, including lower fuel costs, helped produce a financial performance that "is among the best in Delta's history," according to CEO Richard Anderson. Passenger revenue grew a modest 0.7 percent year over year with unit revenue flat and yields, representing fare per mile, up 0.2 percent. Passenger traffic grew 0.5 percent year over year on 0.8 percent additional capacity. Cargo revenue and "other" revenue both fell year over year. Total operating expenses declined $805 million year over year on "structural cost initiatives" as well as lower unit fuel costs, which were down $710 million from the same period last year. The carrier's
investment in a fuel refinery did not pay off during the quarter, yielding a $51 million loss.