BUSINESS BRIEFS
Castle Group posts loss for year
Advertiser Staff
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The Honolulu-based parent of Castle Resorts & Hotels posted a profit in the final quarter of 2008, but the gain wasn't enough to prevent the company from recording a full-year loss.
"2008 has been a very challenging year with the downturn in tourism and the dramatic change in the business environment over the past year," said Alan Mattson, president and chief operating officer of Castle Group.
Castle Group reported a profit of $277,000 during the final three months of last year compared with a loss of $982,000 in the fourth quarter of 2007. Castle Group was able to make a profit in the latest quarter despite a 15 percent drop in revenues, to $4.8 million. The bottom line was helped by a 17 percent drop in operating expenses to 4.7 million.
For the entire year, Castle Group lost $290,000 compared with a loss of $1.12 million in the year-earlier period. Revenues for 2008 fell 4 percent to $20.1 million. Operating expenses totaled $20.8 million, down 6 percent from the same period a year earlier.
Castle Resorts & Hotels manages properties throughout Hawai'i, Micronesia, New Zealand and Thailand.
HAWAIIAN FLIGHT ATTENDANTS OK DEAL
Unionized Hawaiian Airlines' flight attendants have voted to approve a new two-year contract.The company and leaders of the Association of Flight Attendants-CWA had reached a tentative agreement on the contract last month. The pact increases compensation for Hawaiian's 1,031 flight attendants and provides for operational improvements.
"Our ability to reach this progressive new agreement collaboratively and in a relatively short span of time says a lot about the level of engagement of our flight attendants and the AFA leadership," said Mark Dunkerley, Hawaiian's president and chief executive officer.
"Together, we found a way to both increase compensation for employees during a challenging time in our industry and, at the same time, help improve the performance of our company going forward."
ROYAL HAWAIIAN CENTER WINS HONOR
The Hawai'i chapter of the American Marketing Association will present the 2008 Marketer of the Year award on April 7 to Royal Hawaiian Center.The organization is honoring its 32nd Marketer of the Year at a luncheon from 11:30 a.m. to 1:30 p.m. at the Hawai'i Convention Center.
Other honorees for outstanding marketing achievements in 2008 are: Hawaii Public Radio — Best Non-Profit Marketing; Marriott Hawaii — Best E-Marketing; and Hawaii Superferry — Best Marketing of New Product or Service. Call 585-2325 or e-mail info@amahawaii.org for more information.
