Hawaiian Air’s
profit falls again

The carrier’s operating profit
plunges 76 percent in April

Hawaiian Airlines, planning to emerge from bankruptcy June 1, saw its operating profit fall 76 percent in April, the ninth straight month the carrier's year-over-year operating results declined.

The carrier still managed to post an operating gain of $1.7 million despite a nearly 46 percent rise in fuel costs from April 2004 and an early Easter spring break this year. Revenue edged up 0.7 percent to $63.8 million from $63.4 million. Hawaiian had an operating gain of $7.1 million in April 2004.

Net income plunged 83 percent to $415,000 from $2.4 million.

Hawaiian has had an eventful two weeks in preparing to exit Chapter 11. The airline's pilots ratified a labor contract earlier this month, making it the final union group to do so, clearing the runway to bring the carrier out of bankruptcy.

Hawaiian's operating expenses rose 10.3 percent to $62.1 million from $56.3 million a year earlier. Fuel costs jumped to nearly $15 million from $10.3 million. Wages and benefit costs gained 2.3 percent to $18.9 million.

The airline, which is required to have $70 million in unrestricted cash as part of its reorganization, had its cash decline $11.2 million during April to $100.5 million from $111.7 million at the start of the month.

The airline's load factor, or the percentage of seats that are filled, slipped to 84.3 percent from 84.6 percent a year earlier.