Losses widen at Aloha Airlines
The company blames the airfare war and higher fuel prices
Aloha Airlines, pressured by the interisland airfare war and trying to cope with high fuel prices, lost $24.3 million in the first quarter --- its 14th consecutive quarterly loss.
The privately held carrier, which emerged from bankruptcy in February 2006, had a net loss of $20.3 million a year ago.
Revenue continued to slide as it fell to $88.1 million, down 10.3 percent from $98.2 million a year ago, according to preliminary data released today by the federal Bureau of Transportation Statistics.
Aloha, which slashed $75 million to $90 million in annual expenses during its 13-month stay in reorganization, still saw its operating expenses rise 7 percent in the first quarter to $109.9 million from $102.7 million a year ago. Fuel costs rose 4.2 percent to $23 million from $22.1 million.
The carrier's operating loss widened to $21.8 million from $4.4 million.