CHICAGO (Reuters) — Bankrupt Delta Air Lines Inc. yesterday posted a quarterly profit after a year-ago loss, helped by a non-cash gain related to restructuring of aircraft financing arrangements.The Atlanta-based airline, which has been reorganising operations under bankruptcy protection since September 2005, has been slashing costs and streamlining its fleet.

The company said it had achieved 85 percent of its revenue and cost savings target of $3 billion by the end of the quarter and plans to exit Chapter 11 in the first half of 2007.

“It points clearly to their progress,” said Michael Boyd, an aviation consultant. “They are on a dead run to get out of Chapter 11.”

Delta, the No. 3 US carrier, reported a net profit in the third quarter of $52 million, compared with a net loss of $1.13 billion in the same quarter a year ago.

Excluding a net noncash gain of $98 million related to reorganization, the carrier posted a loss of $46 million.

In the year ago quarter, the company posted a loss of $438 million excluding special items.

Total operating revenue in the third quarter increased 8.1 percent to $4.66 billion. Fuel costs increased 3.2 percent to $1.24 billion.

As of October 31, Delta said it had hedged 71 percent of its planned fuel consumption for the fourth quarter and expected its average fuel price for the quarter to be $2.03 per gallon.

Delta said it had $3.9 billion in cash, cash equivalents and short-term investments as of Sept. 30, of which $2.8 billion was unrestricted.

In a separate statement earlier, Delta said it plans to recall an additional 1,000 flight attendants in 2007, with 500 recalls planned in January.