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Tuesday, December 16, 2014

Island Air Continues to Show Loss

According to a report issued by the U.S. Department of Transportation, Island Air has just posted its six consecutive quarterly loss during the third quarter of 2014. The quarterly loss amounted to $2.6 million, which is a relatively small amount for its owner, billionaire Larry Ellison, who purchased the airline in February 2013.  Forbes magazine recently noted that Ellison is the fifth person in the world with a net worth of $51.3 billion.

David Pfliger, the President and CEO for Island Air, stated, "The airline's sixth successive quarter of losses with a new owner was not surprising given Island Air's rebuilding efforts and the extremely challenging, competitive environment. It is a result of this continuing trend and other factors that the company is undertaking a comprehensive strategic review of our fleet, network, and other key aspects of our business to design a business plan that will ensure our future success. It remains our goal to provide our customers with a reliable and a superior travel experience while creating an airline that can grow and serve the islands profitably."

Source: Honolulu Star Advertiser, 12-16-2014,
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC