Hawaiian operating profit flat in Q3

Washington DC
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Hawaiian Airlines reports an operating profit of $74.4 million in the third quarter, flat compared to a year earlier.

Operating revenues were up 9.1% to $599.3 million and operating expenses were up 10.6% to $524.9 million during the period.

Net profit was down nearly 11% to $40.6 million on a GAAP basis.

“Our third quarter results are a good step towards improving financial performance,” says Mark Dunkerley, president and chief executive of Honolulu-based Hawaiian, in a statement. “The tide of industry capacity between the US west coast and Hawaii is beginning to recede and our new international routes are maturing, both of which are helpful developments.”

Passenger revenue per available seat mile was up 0.2% to 12.33 cents while costs per available seat mile (CASM) rose 1.5% to 11.89 cents.

Hawaiian paid an average of $3.06 per gallon for fuel in the third quarter.

Traffic rose 8.9% on a 9% increase in capacity during the period.