Sharply lower fuel prices helped the parent of Hawaiian Airlines post a $23.5 million profit for the first quarter of 2009, reversing a loss in the year-earlier period.

Hawaiian Holdings Inc. said it earned 46 cents per share during the three months ending March 31, 2009, compared with a loss of 42 cents per share in the first quarter of 2008.

Shares of Hawaiian slipped 8 cents to close at $4.71 on the Nasdaq market yesterday.

The stock prices of Hawaiian and other travel-related companies have tumbled in recent days amid worries that the recent swine flu outbreaks that started in Mexico could dampen air travel.

"Our first-quarter financial performance was good in absolute terms and notably better than that of most of our competitors," said Mark Dunkerley, Hawaiian's CEO.

The latest results came on operating revenues of $288.6 million, up 14.9 percent from first quarter 2008. The company said its overall expenses decreased by 7.5 percent to $252.7 million.

Hawaiian benefited from lower fuel prices during the first quarter, which offset the decline in travel to the Islands.

The company said it spent $50.2 million on jet fuel during the past quarter, down 44.9 percent from the year-earlier period.

The airline said its cost for jet fuel during the first quarter decreased 48 percent to $1.48 per gallon.

As of March 31, Hawaiian had $248 million in unrestricted cash and another $34.7 million in restricted cash.

"The benefits of a significant decline in the price of fuel more than offset the consequences of weaker demand for Hawai'i vacations, while several years of diligent cost control in areas of expense that we influence added to the overall results," Dunkerley said.

Founded in 1929, Hawaiian is the state's largest airline, with about 3,700 employees.