WestJet has announced first quarter results for 2009, with net earnings of C$37.4 million. Though 28.7% down on 1Q08's figure of C$52.5 million, achieving this year's result in such a tough economic climate is noteworthy.
"We are extremely pleased with our strong start to 2009," commented Sean Durfy, WestJet president and CEO. "Our first quarter results demonstrate that our business strategy is staying the course; we successfully continued our growth and delivered profitable results while withstanding less than ideal economic conditions."
Revenue fell by 3.3% to C$579.3 million from C$599.3 million.
WestJet claims one of the best pre-tax margins in North America, having reported a first quarter earnings before tax (EBT) margin of 8.7%. "While the weakened economy had a negative impact on our first quarter financial results, our margins continued to be among the strongest in North America. Softening demand, aggressive competitor pricing and Easter falling in the second quarter of 2009, versus the first quarter of 2008, all contributed to our decline in RASM. However, lower fuel prices resulted in a decline in CASM and contributed to our overall profitability," added Durfy.
The DoD has changed its structures and is been increasing efforts to facilitate access to loans by companies interested in working with artificial intelligence, advanced materials and semiconductors, biotechnology and quantum science.
India has approved millions of dollars in new military purchases, most of which will go to public sector companies.
The main obstacles to overcoming risks in the region are a lack of a strong cybersecurity culture and inadequate funds to invest in this domain given a widespread Chinese presence in the region.
MBDA is adapting to supply chain pressures as the Russian invasion of Ukraine leads to increased demand for armaments.
Despite the additional funding promised this week, the UK armed forces still look set to face cutbacks, and maintaining international commitments to AUKUS and GCAP may limit the options for other programmes.
This week on the Shephard Defence Podcast, senior naval reporter Harry Lye and military training & simulation reporter Norbert Neumann chat with Professor John Louth.
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