Reported by Star-Bulletin staff & wire
Tuesday, July 23, 1996
Reported by Star-Bulletin staff & wire
Tuesday, July 23, 1996
Operating revenues for the latest quarter are expected to be more than $96 million, an increase of more than 12 percent from the $85.5 million reported for the year-earlier quarter.
Part of the quarterly profit increase will come from a one-time gain of $340,000 arising from the early pay-off of about $4.5 million of the airline's debt, but operations were clearly more profitable, the preliminary report shows.
Hawaiian said it will most likely report a $3 million profit from operations for the quarter, compared with an operating profit of $431,000 in the 1995 quarter.
Bruce R. Nobles, president and chief executive officer, said the turnaround was mostly the result of efforts by company employees to control expenses and increase sales.
The state Aloha Tower Development Corp. has held off any decision for a second extension for Japan-based banking giant Mitsui Trust and developer Aloha Tower Associates until next Tuesday on advice from the state Attorney General, said Ron Hirano, executive director of the state agency.
Mitsui yesterday afternoon requested a second extension, saying it needed two more weeks to complete the sale of a $60 million mortgage for the waterfront project. Mitsui and the borrower have declined to identify the prospective buyer.
Mitsui has filed a foreclosure suit against Aloha Tower Associates but last week received permission from the state to delay the foreclosure proceedings because of the pending sale.
A morning flight will be added beginning Aug. 15, bringing to six the number of daily Mahalo flights between the two islands, the company said.