Island Air, seeking to rein in skyrocketing expenses, has begun sending out layoff notices as it tries to stem the flow of red ink since being acquired by billionaire Larry Ellison.

The state’s second-largest carrier, which last week announced it was slashing routes and cutting 20 percent of its 341 employees, lost a staggering $11.8 million in the fourth quarter as expenses jumped 71.9 percent from the year-earlier period, according to data released Monday by the U.S. Department of Transportation.

It was the seventh consecutive quarterly loss since Ellison bought the struggling carrier in February 2013. The fourth-quarter loss represented more than half of Island Air’s 2014 loss of $21.8 million. The company is now in the red by $30.4 million since being purchased by Ellison, who Forbes lists as the fifth-richest person in the world with a net worth of $54.3 billion.