StarBulletin.com

Hawaiian Airlines post $35 million profit


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POSTED: Thursday, February 04, 2010

Hawaiian Airlines' parent posted a $35 million profit in the fourth quarter, which pushed its full-year net income to $116.7 million.

The latest results came despite lower revenue and higher operating expenses in the fourth quarter.

Tax benefits, lowered fuel costs, and a record 8.3 million passengers helped boost Hawaiian's year-end results, leading President and Chief Executive Mark Dunkerley to proclaim it “;the most successful airline serving Hawaii in 2009.”; 

A year earlier, Hawaiian Holdings Inc. lost $11.8 million in the fourth quarter and gained $28.6 million for all of 2008. 

“;2009 was a remarkable year for our company,”; Dunkerley said. “;With lower fuel prices and the hard work of everyone at Hawaiian Airlines, we overcame the effects of an economic recession and the attentions of a new entrant on our interisland routes to post our company's best ever results.”; 

Still, the company reported that revenue fell 1.2 percent in the quarter to $297 million from the $300.5 million attained during the fourth quarter of 2008. For the year, revenue fell 2.3 percent to $1.18 billion from $1.2 billion in 2008. Total operating expenses for the company rose 7.1 percent to $280.9 million in the fourth quarter; however, they fell 3.9 percent to $1.07 billion for the year. 

As of Dec. 31, Hawaiian had $301.8 million in unrestricted cash, cash-equivalents and short term investments.