Hawaiian Holdings, the parent company of Hawaiian Airlines, reported a net income of $25.6 million for the third quarter of this year, a substantial turnaround from the $50 million it lost during the previous quarter.
Hawaiian’s operating revenue was $455.9 million during the three-month period ending Sept. 30, a 29.5% surge from the same quarter in 2010, according to figures released by the airline Oct. 18.
“The third quarter marked a return to some better results for our business,” said Mark Dunkerly, Hawaiian’s president and CEO. “Strong demand in each of the major geographies we serve, continued cost control and some small but welcome easing of fuel prices all played a part.”
Despite the significant jump in operating revenue, Hawaiian’s net income during the third quarter of this year actually declined 15.9% from $30.5 million the carrier earned in Q3 of last year.
The carrier’s third quarter fuel costs soared 61% year over year, to $136 million, while it paid an average of $3.17 per gallon of jet fuel, a 40.9% increase over the same period in 2010.
Hawaiian spent $135.5 million on fuel during the second quarter of 2011 and $109.4 million in Q1.
“Particularly noteworthy has been the return of traffic on our services to Japan,” Dunkerly said of Hawaiian’s Q3 figures. “Our results on these routes would qualify as good in any year, let alone the year in which an earthquake and tsunami took such a large human and economic toll.”
Looking ahead, Dunkerly expressed optimism for the remainder of this year.
“Despite the drumbeat of depressing news about consumer confidence, we have not seen a waning in forward bookings,” he said. “If these bookings continue to hold, and if the price of oil does not rise in the remaining months of 2011, we expect the second half of the year to look considerably better than the first half.”