A combined United Airlines and Continental Airlines would have earned $223 million more in the six months ended June 30 than they achieved operating independently, according to a pro forma statement of operations included in a recent proxy statement by the carriers. United earned $191 million for the period, while Continental netted $87 million. But had the merger occurred on Jan. 1, 2009, they would have reported income of $501 million for the 2010 half-year, according to the ...

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