Westjet profits down 10.4% but revenue up 13.3%

Following the rest of the industry and bringing the third quarter, North American airline earnings season to a close, WestJet posted CAD39.2 million profit, down 10.4% on a 13.3% uptick in revenues to CAD 775.3 million. However, it missed its consensus target.

The company attributed its results to growth in both yield, up 5.3% to CAD 17.97 cents and revenue per available seat mile (RASM), up 5.9% to CAD 14.39 cents and boasted 3Q2011 was its 26th consecutively profitable quarter. Echoing peers in the US and Canada, the company sees continued strong bookings, adding corporate travellers were growing as companies seek to stretch their dollars.

CEO Greg Saretsky indicated corporations are able to travel more with the same travel spend as last year by booking WestJet. Third quarter corporate revenues grew at a much faster pace on increased RASM and volume.

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