Hawaiian Holdings, Inc. (HA) has reported 71.92 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $10.64 million, or $0.20 a share in the quarter, compared with $37.90 million, or $0.66 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $68.77 million, or $1.28 a share compared with $48.54 million or $0.85 a share, a year ago.

Revenue during the quarter grew 10.24 percent to $632.97 million from $574.15 million in the previous year period. Gross margin for the quarter contracted 47 basis points over the previous year period to 59.95 percent. Total expenses were 96.07 percent of quarterly revenues, up from 81.04 percent for the same period last year. That has resulted in a contraction of 1503 basis points in operating margin to 3.93 percent.

Operating income for the quarter was $24.87 million, compared with $108.85 million in the previous year period.

"2016 was a great year for us," said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. "The business environment has been characterized by strong demand, balanced industry capacity in our markets and manageable fuel prices. Our hard working team has done a good job ensuring that the investments we made in our business at the beginning of this decade continue to deliver the returns we anticipated from them. Our business is stronger and we are growing value for our shareholders, giving us great confidence for 2017 and beyond."