WestJet earnings rise 275%


Old Aug 4, 11, 5:08 pm
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WestJet earnings rise 275%


WestJet reported second-quarter profits soared to $25.6 million as higher fares and cost controls helped offset increased fuel prices.

The Calgary-based carrier said profits amounted to 18 cents per share, up 274.7 per cent or five cents a share from net earnings of $6.8 million, in the same 2010 quarter. Revenues rose 21.4 per cent to $742.3 million from $611 million in the 2010 period.

Analysts polled by Thomson Reuters were on average expecting WestJet to report earnings of nine cents per share and revenue of $734 million. Revenue per available seat mile, or RASM, was 14.17 cents, up from 12.24 cents.
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