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Word Count: 340
Pan American World Airways Inc Pan Am is a New York corporation organized in 1927 which is engaged in commercial air transportation which it pioneered between the United States and most areas of the world Pan Am Corporation the Corporation a Delaware corporation is and since September 14 1984 has been the parent of Pan Am its principal subsidiary For the past few years Pan Ams financial condition has been very poor The company reported a consolidated net loss for 1986 of 4693 million The 1988 net loss included a gain of 891 million resulting from the sale of Pan Ams Airbus A320 aircraft and delivery positions This gain was partially offsetted by a reserve of 257 million related to the loss on sale of Pan Ams subsidiary which is responsible for the marketing of excess inventory and 18 million of year-end adjustments Pan Ams passenger traffic was strong in 1988 An increase of 122 percent on capacity of 112 percent This was due to the result of strengthening of various European currencies against the US dollar fare increases in the market enhanced management systems and procedures as well as programs to reduce the dependence on wholesale ticket distributions throughout the Atlantic Latin America Domestic and systemwide Eventhough revenue was strong in 1988 labor and other costs increased at a higher rate as a consequence of efforts to improve service and effectiveness of the operation Labor costs were higher in 1988 due to the result of an increase in the number of employees during the year Also the addition of increased fuel prices commissions purchased services aircraft rentals and a 240 million foreign exchange loss had a negative impact on the corporation 1987 expenses were effected by increases in expenses for fuel commissions maintenance materials and other operating costs which exceeded expectations Labor cost reductions were not achieved in 1987
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