Falling revenue, resulting primarily from the implementation of a deferred revenue accounting policy for its loyalty program, contributed to a $152 million first-quarter net loss for United Airlines parent UAL Corp. and a $237 million loss before reorganization items, taxes and equity in earnings of affiliates that narrowed from a $311 million loss on a similar basis in the year-ago quarter. The company reported a $22.6 million net profit in the first quarter of 2005, during which it exited ...

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