CHICAGO (AP) - United Airlines' parent company reported a $326-million net loss for January, citing its latest heavy restructuring costs coupled with weak seasonal demand and high fuel costs for the world's second largest airline.

The holding company for United Airlines, which has not turned a profit since 2000, said it had an operating loss of $151 million in January despite a three per cent increase in passenger revenue.

Reorganization expenses totalled $138 million and fuel costs for the month were $63 million higher than a year ago on flat capacity.

"While we made progress in our restructuring during the month by getting in place a portion of the long-term cost savings we need, we still have work to do, including further lowering our costs, concluding our labour negotiations, and the difficult but necessary work of resolving our pension issues," chief financial officer Jake Brace said.

UAL said it ended January with a cash balance of $2 billion - $855 million of it restricted. The cash balance fell by $108 million, reflecting $22 million in quarterly payments to employees as part of the company's incentive plan and seasonally weak cash flow.

The company has been in bankruptcy proteftion since December 2002. Last week it pushed back its targeted exit from bankruptcy until sometime in the fall.