WestJet Reports Record First Quarter Results
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WestJet announced record first quarter net earnings of CAD52.5 million, a 75.9% increase over the CAD29.9 million in the first quarter of 2007. First quarter revenue was CAD599.3 million compared to CAD470.7 million in the first quarter of 2007, an improvement of 27.3%. Operating margin for the quarter was 13.8%.
Sean Durfy, WestJet President and CEO, said "In this quarter, our capacity deployment strategy, which sees a portion of our fleet repositioned to sun destinations, benefited from our expansion into six new international destinations. Our performance was further improved by the first quarter strength of both the Canadian economy and exchange rate… oil and refining costs for jet fuel were substantially higher in the first quarter of 2008 compared to this time last year. We saw the price of fuel increase 30% to USD83 cents per litre. The impact to our costs resulted in an overall CASM increase of 6.9%.”
Sean Durfy continued, "In the second quarter, we will take delivery of two additional aircraft bringing our fleet size to 75. Our second quarter capacity will increase 20% compared to the same period in 2007. We will once again use this period to transition a portion of our capacity out of transborder and international and into our domestic schedule, as we prepare for the busy Summer demand period and begin service to Quebec City in May and New York, via Newark, in June."
© Centre for Asia Pacific Aviation. Date posted: 30-Apr-08
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WestJet Reports Record First Quarter Results 
