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HONOLULU –- Hawaiian Airlines reported an operating profit of $4.4 million on revenue of $69.7 million for March 2005, which compares with an operating profit of $7.8 million on revenue of $63.7 million for March 2004.
Joshua Gotbaum, Hawaiian's Trustee, commented, “In these tough times for our industry, any operating profit is an accomplishment. We view these results as proof that Hawaiian continues to deliver the best airline service for Hawaii.”
Hawaiian's monthly operating expenses increased by 17.0 percent to $65.3 million for March compared to last year. The biggest factor was higher fuel costs, which rose by 40.7 percent to $14.4 million versus March 2004. Labor costs were up 3.2 percent.
In March, Hawaiian improved its Revenue Per Available Seat Mile (RASM) by 8.9 percent, while its Cost Per Available Seat Mile (CASM) increased by 16.3 percent year-over-year. Excluding fuel expenses, CASM rose 11.0 percent.
Hawaiian reported a net loss of $2.0 million for March. By comparison, the airline recorded net income of $3.3 million in March 2004.
The monthly financial reporting is required as part of Hawaiian's Chapter 11 status. The complete financial report for March is available online at HawaiianAirlines.com.
Hawaiian Airlines, the nation's number one on-time carrier, is recognized as one of the best airlines in America. Readers of two prominent national travel magazines, Condé Nast Traveler and Travel + Leisure, have both rated Hawaiian as the top domestic airline serving Hawaii in their most recent rankings, and the fifth best domestic airline overall.
Celebrating its 76th year of continuous service, Hawaiian is Hawaii's biggest and longest-serving airline, and the second largest provider of passenger air service between Hawaii and the U.S. mainland. Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities than any other airline. Hawaiian also provides approximately 100 daily jet flights among the Hawaiian Islands, as well as service to Australia, American Samoa and Tahiti.
Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA). Since the appointment of a bankruptcy trustee in May 2003, Hawaiian Holdings has had no responsibility for the management of Hawaiian Airlines and has had limited access to information concerning the airline. Additional information is available at www.HawaiianAir.com.
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