Hawaiian Airlines reports a $3.4 million net loss during the fourth quarter, on exchange rate fluctuations and excess capacity in certain markets.
Operating revenue was up 13.6% to $493 million on a 20.3% increase to $480.7 million in operating expenses during the quarter compared to a year earlier. Operating income was $12.2 million.
"A good year of growth and improving financial performance was finished off by a disappointing breakeven result in the fourth quarter," says Mark Dunkerley, president and chief executive of Honolulu-based Hawaiian. "The sharp weakening of the Yen, continued excess capacity in certain markets and an accounting charge all worked to depress our earnings for the period despite many other things going right for the business."
Traffic was up 25.8% on a 29.2% rise in capacity during the quarter versus 2011. Passenger revenue per available seat mile (PRASM) was down 12.4% to 11.02 cents.
Costs per available seat mile (CASM) excluding fuel and special charges was down 11.3% to 7.63 cents compared to a year earlier.
Hawaiian reported a $53.2 million GAAP net profit in 2012, a reversal from the $2.6 million net loss a year earlier. Operating revenue was up 18.9% to $1.96 billion and operating expenses were up 12.4% to $1.83 billion. Operating income was $129.4 million.
Traffic was up 20.3% on a 21.9% increase in capacity during the year. PRASM was down 2.2% to 12.05 cents and CASM excluding fuel and special charges was down 6% to 8.18 cents.