US air carriers reported $3.1 billion in profits for the first quarter of 2016, a decline from the $7.7 billion reported at the end of 2015, the US Department of Transportation’s Bureau of Statistics said in a press release on Monday.
“US scheduled passenger airlines reported an after-tax net profit of $3.1 billion in the first quarter of 2016, down from $7.7 billion in the fourth quarter of 2015 and virtually unchanged from $3.1 billion in the first quarter of 2015,” the release stated.
From January to March 2016, airlines collected $28.9 billion from fares, $947 million in baggage fees and $745 million in reservation change fees, the Bureau of Statistics explained.
Although profits declined from the fourth quarter of 2015, the Bureau of Statistics noted that the 25 US scheduled passenger airliners collectively reported a pre-tax operating profit for the 19th consecutive quarter.
In December, US airlines reported record profits amid low fuel prices and increased passenger fees. According to the data, 2015 was the most profitable year for US airliners since 2006.