Aloha Air turns
profit in June
It is the carrier's best operating gain
since filing for bankruptcy
Aloha Airlines achieved in June its best operating gain since filing for bankruptcy last December, earning $3.4 million in its second profitable month in a row.
The carrier, which has been talking with investors to bring it out of reorganization, had revenue of $40.4 million, slightly above the $38.5 million it had in May when the airline's operating profit was $2.5 million.
"All of the employees at Aloha Airlines are working really hard to turn the corner," Aloha spokesman Stu Glauberman said.
Privately held Aloha, whose results were filed with the federal Bankruptcy Court, did not provide any comparable numbers for the year-earlier period.
Aloha's net income in June was $1.4 million after it incurred $518,911 in operating expenses and paid $1.4 million to its legal and professional advisers.
Since filing for bankruptcy, the airline has had an operating loss of $1.4 million and a net loss of $16.5 million. Revenue during the first six months is just more than $226 million.
The airline's only other profitable month since filing for Chapter 11 on Dec. 30 was in March when it had an operating gain of $3 million on the strength of spring break.