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WestJet reports 1Q09 net earnings of C$37.4 million

7th May 2009 - 22:35 GMT | by The Shephard News Team


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 Shephard News Team


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