Hawaiian Airlines posts Q4 profit - Hawaii News Now - KGMB and KHNL

Hawaiian Airlines posts Q4 profit

By Howard Dicus

HONOLULU (HawaiiNewsNow) - Hawaiian Airlines reports it flew in the black for the fourth quarter and ended full year 2010 with a profit as well, as lower costs made up for a rising jet fuel bill.

Hawaiian Holdings Inc., the parent company of the airline, reported Tuesday that its revenue was up 16% and its costs up 14% compared to the fourth quarter a year earlier, and were it not for 27% higher jet fuel costs its costs per available seat mile would actually have fallen 1.4%.

"We are well positioned to continue to grow into the rapidly developing travel market in Asia," CEO Mark Dunkerley said in a statement.

Hawaiian reported a profit of more than $11 million for the fourth quarter, but said the net was really almost $71 million if one counts one-time tax adjustments.

Fourth quarter at a glance:
Revenue: $344 million. (Year before: $297 million.)
Net income: $11.3 million. (Year before: 10.5 million.)
Per share: 21 cents. (Year before: 20 cents.

For the full year, Hawaiian reported net income of $45 million, or $110 if non-recurring tax adjustments are added.

The fourth quarter results were notable for including special costs associated with the November launch of service to Tokyo and the January launch of service to Seoul. Hawaiian did extensive training prior to both launches and hired more than 100 people for the Seoul ramp-up alone.

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