WestJet 3Q2009 revenue down 16.4%, operating profit down 23%, but net still postive

WestJet revenue down 16.4% - financial highlights for the three months ended 30-Sep-2009:

• Revenue: USD564.1 million, -16.4% year-on-year;
• Costs: USD494.0 million, -15.3%;
  • Fuel: USD142.1 million, -38.4%;
• Operating profit: USD72.6 million, -23.2%;
• Profit before income tax: USD46.8 million, -39.9%;
• Net profit: USD29.6 million, -45.7%;
• Passenger traffic (RPMs): -3.2%;
• Load factor: 79.7%, -1.7 ppt;
• Yield: USD 15.79 cents, -13.7%;
• Revenue per ASM: USD 12.58 cents, -15.5%;
• Cost per ASM: USD 11.63 cents, -14.4%;
• Cost per ASM ex-fuel and employee profit share: USD 7.70 cents, +2.5%. [more]

*Based on the conversion rate at USD1 = CAD1.06

WestJet also reports (04-Nov-2009) the following traffic highlights in Oct-2009:

• Passenger traffic (RPMs): +0.3% year-on-year;
• Load factor: 77.3%, +1.5 ppt.

WestJet: "We still face several uncertainties for the last quarter of 2009 and looking forward into 2010. It is unclear if the initial signs of economic improvement will hold or what the impact of H1N1, if any, will be. However, we believe that our strong balance sheet and low-cost structure will help us successfully navigate through this period of uncertainty. Our flexible schedule allows us to adapt our capacity in favour of more profitable routes and enables us to better match supply and demand in the current environment. We are confident that the continued perseverance of our WestJetters will help us achieve our strategic initiatives. Our corporate culture is stronger than ever, and we continue to work together to accomplish further milestones for our airline," Company statement. Source: WestJet, 04-Nov-2009.

WestJet: "In the past six to eight weeks, we have seen indications that RASM declines have levelled off, and we are seeing signs of improvement from what we were previously experiencing. While it is still too early to predict the strength or speed of a potential recovery, we feel optimistic about the future and the continued success of our airline," Sean Durfy, President & CEO. Source: WestJet, 04-Nov-2009.