Airline loses $3.4 million in 4th quarter
HONOLULU - Hawaiian Airlines lost $3.4 million in the fourth quarter after recording nearly $12 million in interest expenses and nearly $9 million in losses on fuel derivatives, the Honolulu company said Tuesday.
The airline's parent, Hawaiian Holdings Inc., said revenue totaled nearly $493 million during the three months that ended Dec. 31.
The loss compared with a profit of $20.9 million in the fourth quarter of 2011.
Hawaiian CEO Mark Dunkerley said the results were disappointing after a year of growth and improving financial results.
"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," Dunkerley said.
The loss amounted to 7 cents per share. The airline said it had adjusted net income of about $100,000, which was less than a penny per share.
Analysts polled by FactSet had expected revenue of $503 million and adjusted income of 11 cents per share.
Hawaiian posted a profit of $53.2 million for the full year. That compared with a loss of $2.6 million in 2011.
Lt. Gov. Shan Tsutsui to lead trade mission
HONOLULU - The Hawaii Filipino Chamber of Commerce says Lt. Gov. Shan Tsutsui will lead the organization's upcoming trade mission to the Philippines.
The chamber says the trip will begin Friday and will include more than 40 business executives.
The goal of the trip is to stimulate trade and investment in Hawaii and the Philippines.
Officials also want to encourage the development of green energy technology.
The chamber says Tsutsui will travel with the delegation to cities known for their successful economies and emphasis on environmental sustainability.
The organization says the delegation will travel to the Ilocos region because of its historical ties to many Filipinos who immigrated to Hawaii more than a century ago.
- From The Maui News and its news services