Updated at 10:34 a.m., Tuesday, March 27, 2007
Hawaiian Airlines parent sees shares hit 7-month low
By Demian McLean
Bloomberg News Service
Passenger yield is the amount of revenue per passenger per mile flown. It shrank in the three months to the end of March as competitors spurred the airline to cut fares, the Honolulu-based company said in a filing to the U.S. Securities and Exchange Commission after trading closed yesterday.
Shares of Hawaiian dropped 89 cents, or 21 percent, to $3.35 as of 4:22 p.m. New York time in American Stock Exchange composite trading. They have fallen 37 percent in the past year, compared with an 11 percent rise in the Standard & Poor's 500 Index.
The increased competition affected fares on flights from the U.S. Mainland and those between Hawaiian islands, which typically produce higher passenger yields, the company said.
While the number of interisland flights has increased recently, Hawaiian Air's share of that market grew more slowly than its business carrying travelers from the Mainland, the company said.
