Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Thursday, April 22, 2010

Higher fuel costs contribute to decline in Hawaiian Airlines' profit

Advertiser Staff

The parent of Hawaiian Airlines said its earnings declined during the first quarter compared with the same period a year earlier due to higher fuel costs and other inflationary pressures.

Hawaiian Holdings reported net income of $200,000 for the January-through-March period, down from $23.5 million from the same three-month period in 2009.

Operating revenue rose to $298.4 million in the first quarter from $288.6 million a year earlier.

"Despite substantially higher fuel costs and inflationary pressured on other cost lines Hawaiian managed to break even in what is customarily the weakest quarter of the year," said Mark Dunkerley, the airline's president and chief executive officer.

"Demand is strengthening, albeit at a rate less than is being experienced in other regions, and we have measures in hand to reduce the rate of our nonfuel-related cost increases, which will help improve our results heading into the summer season," he added.

Hawaiian's shares fell 2 cents to close at $7.38 on the Nasadaq stock market.