Hawaiian Holdings Inc., parent company to Hawaiian Airlines, reported a net income of $70.6 million for the fourth quarter of 2010, doubling its Q4 2009 net income of $35 million.

The company said it took advantage of one-time tax adjustments that accounted for more than $59 million during the fourth quarter of 2010. Hawaiian said that in Q4 2010, fuel costs increased 27% year over year to $89.7 million.

The company reported revenue of $343.8 million for the quarter, compared with $297 million in Q4 2009.

For all of 2010, the company reported net income of $110.3 million on operating revenue of $1.31 billion. In 2009, it reported annual net earnings of $116.7 million on operating revenue of $1.18 billion.

"These fourth-quarter results round out another good year for Hawaiian Airlines," Hawaiian President and CEO Mark Dunkerley said in a statement. "In 2010, our strong financial performance enabled us to start service on two new international routes, take delivery of the first three of 16 new Airbus widebody aircraft and replace our expiring credit facilities on favorable terms. At the start of 2011, we are well positioned to continue to grow into the rapidly developing travel market in Asia."
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