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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, February 1, 2000

Hawaiian hikes fares to cover fuel costs

Hawaiian Airlines has raised interisland fares by $3 each way to cover higher fuel costs. The move, disclosed yesterday, follows a similar increase from competitor Aloha Airlines. At the cheapest interisland one-way fare of $58 for Hawaii residents, the fuel surcharge means a 5.2 percent increase.

Aloha and Hawaiian airlines said their fuel costs have more than doubled in the last 12 months. The fuel surcharge applies to tickets purchased starting today and will not be assessed on those who have already purchased coupon books.

Hawaiian said it added $10 each way on its Hawaii-mainland fares. The cheapest Hawaii-mainland, round-trip fares are running at about $300 so the surcharge on those tickets is equal to about 6 percent.

TWA announces another annual loss

ST. LOUIS -- Trans World Airlines lost $353.4 million during 1999, with most of the shortfall due to a fourth-quarter loss that grew sharply from a year earlier. The company said it was still suffering from the effects of labor uncertainty last spring and summer.

TWA's losses, announced yesterday, mean the carrier hasn't turned an annual profit since 1988.

Its 1999 loss came to $5.58 per share, and compared with a deficit of $120.5 million, or $2.35 per share, in 1998. During the fourth quarter, TWA lost $271.9 million, or $3.97 per share, compared to $79.1 million, or $1.30 per share, in the same period of 1998.

Gannett's net rose 14% in 4th quarter

ARLINGTON, Va. -- Gannett Co., the largest U.S. newspaper publisher, said fourth-quarter profit rose 14 percent, fueled by continued growth in advertising sales at USA Today.

Gannett, which also owns 21 television stations, said profit from continuing operations climbed to $284.0 million, or $1.01 a share, from $248.9 million, or 89 cents, a year ago. Revenue increased 13 percent to $1.50 billion from $1.33 billion.

Gannett, which owns the Honolulu Advertiser, benefited from an 8 percent drop in newsprint costs.