Hawaiian increases operating profit in 2013

Washington DC
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Hawaiian Airlines reports a $133.7 million operating profit in 2013, a slight increase over its profit a year earlier.

Operating revenue increased 9.9% to $2.16 billion and operating expenses rose 10.3% to $2.02 billion during the year at the Honolulu-based carrier.

Hawaiian’s net profit was $51.9 million in 2013, a slight decrease from a year earlier.

Passenger revenue per available seat mile (PRASM) fell 3.8% to 11.59 cents and costs per available seat mile (CASM) excluding fuel decreased 3.7% to 7.88 cents.

Hawaiian paid an average of $3.09 per gallon for fuel in 2013.

Traffic rose 12% and capacity 14.3% during the year.

In the fourth quarter, operating revenue rose 7.9% to $531.9 million and operating expenses increased 3.6% to $498 million. The operating profit was $33.8 million.

Net profit was $17.1 million during the period, reversing a $3.4 million loss in 2012.

“The fourth quarter’s results continued the trend in improving financial performance after a difficult start to the year,” says Mark Dunkerley, president and chief executive of Hawaiian, in a statement. “Demand remains strong in our markets and we have strategies to mitigate cost pressures.”

PRASM increased 3.7% to 11.43 cents and CASM excluding fuel rose 1.4% to 7.74 cents during the quarter. Fuel averaged $3.08 per gallon.

Traffic rose 3.2% on a 4.7% increase in capacity.