Hawaiian Airlines Inc. reported a net profit of $216,000, or 1 cent a share, for the first quarter of 2001, a turnaround from a net loss of $2.6 million, or 6 cents a share, in the year-earlier quarter. Hawaiian Airlines’
net hits $216,000Star-Bulletin staff
But the airline said the figures were distorted by a $3.6 million upward adjustment to its operating profit in the latest quarter, because of adjusting its finances to account for phasing out leases of older DC-9 jets in the interisland service and replacing them with new Boeing 717-200s. Without that, Hawaiian said it would have had a net loss of $3.2 million, or 10 cents a share, in the first quarter of this year. Hawaiian's year-over-year profit and loss figures are hard to compare because of the big fleet changes, which involve buying 13 new interisland aircraft this year.
Overall business was up, with the airline reporting revenues of $148 million in the first quarter, up 8.8 percent from $136 million in the 2000 quarter.
First-quarter operating expenses increased slower than revenues, with costs rising 4.9 percent in the latest quarter, to $147.3 million, from $140.5 million in the 2000 quarter.
Hawaiian's stock closed down 6 cents today to $3.14.
