Island Air is owned by one of the richest people in the world, but so far that hasn’t translated into profitability for the state’s second-largest carrier.

The local airline posted its sixth consecutive quarter of losses under billionaire Larry Ellison during the July-September period amid continuing efforts to turn around the operation.

Island Air’s loss widened by nearly 26 percent to $2.6 million from $1.9 million in the year-earlier quarter, according to data released Monday by the U.S. Department of Transportation.

Ellison, who owns 98 percent of Lanai, is the fifth richest person in the world with a net worth of $51.3 billion, according to Forbes.

New Island Air President and Chief Executive Officer Dave Pflieger, who took over on Oct. 1 for Paul Casey, said he’s not surprised by the continued losses.

"The airline’s sixth successive quarter of losses with a new owner was not surprising given Island Air’s rebuilding efforts and the extremely challenging, competitive environment," Pflieger said. "It is a result of this continuing trend and other factors that the company is undertaking a comprehensive strategic review of our fleet, network, and other key aspects of our business to design a business plan that will ensure our future success."

Island Air has been looking at replacing or supplementing its current fleet of five 64-seat ATR-72 turboprops with larger aircraft — either a Bombardier Q400 or an ATR-72-600.

"It remains our goal to provide our customers with a reliable and a superior travel experience while creating an airline that can grow and serve the islands profitably," Pflieger said.

Despite the string of quarterly losses, Island Air has been increasing revenue and passenger traffic.

The airline generated $9.5 million in revenue last quarter. That’s up 34 percent from $7.1 million in the year-ago period.

And passenger loads rose 75.4 percent during the first half of the year to 212,962 from 121,410, according to the most recent available data from the DOT.

Island Air was struggling to survive when Ellison bought it and was down to two aircraft — both since replaced — in its fleet. In March 2013, a month after Ellison acquired Island Air, it transported only 12,848 passengers. That was the lowest monthly total for the airline since at least 2003, according to DOT data. But in June of this year, Island Air transported 43,101 people to mark its highest month since October 2008 when it transported 45,996 people.

The airline, which has grown to about 400 employees from 245 at the time of Ellison’s acquisition, has been facing increased competition from Hawaiian Airlines, the state’s largest carrier, as well as growing Mokulele Airlines.