ATLANTA — Delta Air Lines Inc. reported Friday its loss narrowed in November to $49 million, which analysts said may bode well for the nation's third-largest carrier to fly solo when it emerges from bankruptcy.

The news comes as Atlanta-based Delta, which operates a hub at Salt Lake City International Airport, is trying to fend off a hostile takeover bid from US Airways Group Inc., based in Tempe, Ariz.

The November figure compares with a $181 million loss it posted for the same month a year ago, the company said in a monthly operating report it filed with the U.S. Bankruptcy Court in New York.

"It's a move in the right direction. And if they want to remain independent, continuing improvement and results are necessary," said George Hamlin, vice president of business consulting for aviation firm Morten Beyer & Agnew.

Excluding reorganization items, Delta said its net loss for November was $12 million — still enough to raise some concerns in what analysts consider an otherwise positive report.

"The financial improvement is a great sign that Delta's making progress. However, they are still not turning a net profit. And they're still apparently spending a million dollars a day — or more — on restructuring issues," said Mike Miller, an aviation analyst at Washington-based consulting firm the Velocity Group.

"A year and three months into bankruptcy, that's not an insignificant amount to be spending every day," he said.

Ed Bastian, the airline's chief financial officer, downplayed concerns in a statement, saying the results "continue the momentum" that could lead the airline back into the black next year.

The airline is credited with helping to transform Atlanta's airport into the world's busiest and the city itself into an economic engine of the Southeast. But Delta was sent reeling after the Sept. 11, 2001, terror attacks. It filed for Chapter 11 bankruptcy protection in 2005, reporting a $2 billion loss.

Bastian said the company has rebounded since then, and the airline expects to narrow its 2006 losses to $350 million and could turn a modest $450 million profit next year. A reorganization plan the company filed earlier this month calls for it to emerge from bankruptcy by the middle of next year as a stand-alone carrier.

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Delta's creditors are currently weighing the proposals from it and its suitor, US Airways.

Delta, the nation's third-largest carrier, has tried to move the takeover struggle beyond the boardroom by organizing protests that have drawn thousands of Delta employees and rallying influential decision makers to its cause. Once at odds with each other over Delta's cost-cutting moves, the airline's management and pilots union have joined forces to oppose the takeover bid.

US Airways, meanwhile, has said it isn't backing off. Chief Executive Doug Parker said in an interview Thursday that his company does not intend to increase its $8.4 billion offer for Delta and that he believes its offer for its archrival provides more value than Delta's stand-alone plan.


Contributing: Harry R. Weber

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