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/FIRST ADD -- NY039 -- UAL CORPORATION/

 /FIRST ADD -- NY039 -- UAL CORPORATION/
 UAL CORPORATION AND SUBSIDIARY COMPANIES
 Statement of Consolidated Operations
 (Unaudited; in millions, except per share)
 Three months ended Sept. 30 1992 1991
 Operating revenues:
 Passenger $3,232.0 $2,897.9
 Cargo 200.0 175.4
 Contract services and other 143.4 161.6
 Total 3,575.4 3,234.9
 Operating expenses:
 Salaries and related costs 1,139.2 1,029.7
 Commissions 635.1 615.1
 Aircraft fuel 483.0 422.8
 Rentals and landing fees 347.0 280.9
 Purchased services 238.5 187.6
 Depreciation and amortization 179.0 161.1
 Aircraft maintenance 81.5 90.1
 Food and beverages 97.6 83.6
 Personnel expenses 69.3 62.1
 Advertising and promotion 55.8 50.0
 Other 181.4 193.5
 Total 3,507.4 3,176.5
 Earnings from operations 68.0 58.4
 Other income (expense):
 Interest expense (83.0) (53.6)
 Interest capitalized 23.1 22.2
 Interest income 20.2 20.6
 Equity in earnings (loss) of
 Covia Partnership 14.1 (1.4)
 Net gain (loss) on disposition
 of property 17.6 (1.1)
 Other, net (27.9) (6.9)
 Total (35.9) (20.2)
 Earnings before income taxes 32.1 38.2
 Provision for income taxes 10.6 13.2
 Net earnings 21.5 25.0
 Net earnings per share $0.89 $1.05
 Average shares used in per-share
 computation 24.1 23.7
 Nine months ended Sept. 30 1992 1991
 Operating revenues:
 Passenger $8,687.1 $7,733.7
 Cargo 571.4 512.6
 Contract services and other 429.3 505.5
 Total 9,687.8 8,751.8
 Operating expenses:
 Salaries and related costs 3,306.8 2,933.6
 Commissions 1,684.9 1,518.5
 Aircraft fuel 1,250.4 1,255.4
 Rentals and landing fees 982.4 792.8
 Purchased services 678.4 556.9
 Depreciation and amortization 530.2 439.1
 Aircraft maintenance 247.0 271.2
 Food and beverages 250.1 211.9
 Personnel expenses 197.5 174.6
 Advertising and promotion 157.4 149.2
 Other 558.3 595.5
 Total 9,843.4 8,898.7
 Loss from operations (155.6) (146.9)
 Other income (expense):
 Interest expense (238.6) (145.4)
 Interest capitalized 71.9 67.7
 Interest income 52.4 65.2
 Equity in earnings of Covia
 Partnership 33.9 9.9
 Net gain on disposition of property 21.8 48.6
 Other, net (33.5) (20.4)
 Total (92.1) 25.6
 Loss before income taxes (247.7) (121.3)
 Provision (credit) for income taxes (81.8) (42.0)
 Net loss (165.9) (79.3)
 Net loss per share $(6.90) $(3.43)
 Average shares used in per-share
 computation 24.0 23.1
 -0- 10/29/92 AA NY039
 /END FIRST ADD -- SECOND AND FINAL TO FOLLOW/
 (UAL) CO: UAL Corporation ST: Illinois IN: AIR SU: ERN


CK -- NY039A -- 6565 10/29/92 12:09 EST
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Date:Oct 29, 1992
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