Hawaiian Holdings, parent company to Hawaiian Airlines, reported net income of $855,000 on operating revenue of $356.6 million for the first quarter.
“In the first quarter, the company did a good job of mitigating the effects of the rising cost of fuel and the tragedy in Japan,” Hawaiian President and CEO Mark Dunkerley said in an April 26 statement. “Fuel prices have climbed further since then, creating a substantial challenge for all airlines, including Hawaiian. We will continue our focus on controlling those costs that lie within our grasp.
“At the same time, we expect that strong demand in our core markets, the recovery we believe we will begin to see in Japan and the unequaled quality of service that our employees deliver will raise revenues and help offset some of the increase in fuel prices.”
Hawaiian said operating revenue was up 22.5% over the same period last year, but that its fuel prices increased 55.6% year over year, to a total of $109.4 million. According to company officials, the cost of a gallon of jet fuel jumped 32.4%.
The airline’s load factor was 84.1% the first three months of 2011, or .5% better than during the same period last year.
Hawaiian took in a profit of $216,000 during the first quarter of 2010.