Hawaiian Airlines reported a third-quarter profit of $30.7 million, a figure five times larger than the airline’s net income during the same period in 2008.

The airline benefitted from a one-time tax benefit of approximately $20 million. Without that boost, the airline’s net income for the quarter would have totaled around $10.7 million.

"This year, while weathering a substantial slowdown in demand, we have at least benefited from lower fuel prices and we have posted comparable profits. As a result, Hawaiian has been able to continue to strengthen its balance sheet from operations in preparation for our coming fleet renewal program," said Hawaiian CEO Mark Dunkerley.

"Looking ahead to the fourth quarter, we continue to face better prospects than most of our competitors, and we hope that the level of demand will strengthen more rapidly than the price of oil, allowing us to remain profitable."

Hawaiian’s quarterly operating revenue totaled $305.6 million, a 10.1% decline.