Hawaiian Holdings reports operating loss in a 'disppointing' 1Q2013, expects better second half

Hawaiian Holdings revenue up 13% - financial highlights for three months ended 31-Mar-2013:

• Total operating revenue: USD490.8 million, +12.7% year-on-year;
• Total operating costs: USD502.7 million, +19.0%;
  • Fuel: USD174.5 million, +24.4%;
  • Labour: USD102.7 million, +14.0%;
• Operating profit (loss): (USD11.9 million), compared to a profit of USD12.9 million in p-c-p;
• Net profit (loss): (USD17.1 million), compared to a profit of USD7.3 million in p-c-p;
• Passenger traffic (RPMs): +22.0%;
• Passenger load factor: 81.0%, -2.8 ppts;
• Operating revenue per ASM: USD 12.37 cents, -10.8%;
• Operating cost per ASM: USD 12.68 cents, -5.7%;
• Cost per ASM excl fuel: USD 8.28 cents, -7.9%;
• Unrestricted cash and cash equivalents: USD438.2 million. [more - original PR]

Hawaiian Holdings: "Our results for the quarter were disappointing but unsurprising. Our performance was undermined by an extraordinary increase in total industry capacity between Hawaii and the U.S. West Coast and in certain international markets during what is traditionally the weakest quarter of the year. However, good cost control and an improvement in our Neighbor Island segment helped offset some of the impact during the period. Looking ahead, published schedules show capacity beginning to decline in the second half which should improve the operating environment," Mark Dunkerley, President and CEO. Source: Company statement, 23-Apr-2013.