Aloha profit 'on target'
By Dan Nakaso
Advertiser Staff Writer
Aloha Airlines reported $6.3 million in net profit for the second quarter thanks to income from sources other than its day-to-day operations.
Aloha Airlines' results for the second quarter of 2003: Net profit: $6.3 million Operating revenue: $95 million Operating expenses: $101.6 million Non-operating revenue: $13 million Source: Aloha Airlines
Aloha, Hawai'i's second largest airline, had $95 million in operating revenue and $101.6 million in operating expenses for the second quarter. The deficit was more than made up with $13 million in non-operating revenue, according to figures released yesterday by the federal Bureau of Transportation Statistics.
Results show improvement
Aloha has received about $14 million from the federal government this year for increased transportation security measures, but Aloha spokesman Stu Glauberman could not confirm that the money was the source of its quarterly net profit.
The second-quarter profit followed a $12.9 million loss in the first quarter that Aloha officials blamed on the war in Iraq and the SARS scare.
"These second-quarter financial results are in line with expectations," said Glauberman. "We're exactly on target for a profitable year."
Aloha, a private company, does not release financial statements. It files quarterly reports that are available through the Bureau of Transportation Statistics, which posted Aloha's earnings yesterday.
In February, Glenn Zander, Aloha's president and chief executive, said he did not expect Aloha to break even or make a profit until the second quarter.
For the year, Aloha had $200 million in operating expenses and $182.4 million in operating revenue, resulting in a $17.9 million operating loss.
Hawaiian Airlines, the Islands' largest carrier, had net income of $23.1 million for the second quarter of this year.
Following a busy summer season, August was the fourth consecutive month of profit for Hawaiian, which filed for Chapter 11 bankruptcy protection in March.
Reach Dan Nakaso at dnakaso@honoluluadvertiser.com or 525-8085.
Correction: Hawaiian Airlines had net income of $23.1 million for the second quarter of 2003. A previous version of this story reported second quarter earnings for 2002.
