The parent of Hawaiian Airlines said its profits soared more than fivefold in the third quarter, helped by a one-time tax benefit.

Hawaiian Holdings reported net income of $30.7 million, or 58 cents a share in the quarter ending Sept. 30, up from $6 million,or 12 cents a share in the same quarter a year earlier. The current quarter earnings included a $20 million tax benefit that didn’t occur in the year-earlier period. Excluding the the one-time adjustment net income would have been $10.7 million, or 20 cents a share, Hawaiian said.
Hawaiian said it had operating revenue of $306 million in the third quarter, down from $340 million in the same quarter in 2008.
"This year, while weathering a substantial slow-down in demand we have at least benefited from lower fuel prices and we have posted comparable profits,” said Mark Dunkerley, the company’s president and chief executive officer.
"Looking ahead to the fourth quarter, we continue to face better prospects than most of our competitors and we hope that the level of demand will strengthen more rapidly than the price of oil allowing us to remain profitable.”
Hawaiian’s shares were trading up one cent at $8.87 late today on the Nasdaq Stock Market.