Alaska Air posts Q1 profit

ALASKA Air Group has reported a first quarter 2010 net income of US$5.3 million, compared to a net loss of $19.2 million in the first quarter of 2009. Excluding fuel hedge losses of $12.5 million, the company reported a net income of $13.1 million for the same period, compared to a net loss of $25.4 million last year.

“Producing a profit in our seasonally weakest period is particularly noteworthy,” said Bill Ayer, Alaska Air Group’s chairman and chief executive officer. “The last time we reported a significant first-quarter profit was in 1999.

“Our results were driven by higher load factors, improving pricing trends and good cost management. Selective schedule reductions coupled with entry into new markets also contributed to our strong performance and provide a foundation for continued improvement.”