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WestJet reports 34% increase in operating profit in 2011

9-Feb-2012 1:54 PM

WestJet revenue up 13% – financial highlights:

  • Three months ended 31-Dec-2011:
    • Revenue: USD785.0 million, +12.9% year-on-year;
    • Costs:
      • Fuel: USD236.7 million, +31.4%;
    • Passenger numbers: 4.0 million, +5.1%;
    • Yield: USD 18.72 cents, +6.2%;
    • Revenue per ASM: USD 14.74 cents, +6.4%;
    • Cost per ASM: USD 13.61 cents, +8.3%;
    • Cost per ASM excl fuel and employee profit share: USD 9.07 cents, +2.7%;
  • 12 months ended 31-Dec-2011:
    • Revenue: USD3085 million, +17.8% year-on-year;
    • Costs: USD2828 million, +16.5%;
      • Fuel: USD920.0 million, +35.8%;
    • Operating profit: USD257.7 million, +34.1%;
    • Net profit: USD149.4 million, +64.9%;
    • Passenger numbers: 16.0 million, +5.7%;
    • Load factor: 79.7%, -0.2 ppt;
    • Yield: USD 18.26 cents, +8.9%;
    • Revenue per ASM: USD 14.56 cents, +8.6%;
    • Cost per ASM: USD 13.35 cents, +7.4%;
    • Cost per ASM excl fuel and employee profit share: USD 8.89 cents, +0.6%;
    • Total assets: USD3489 million, +2.7%;
    • Cash and cash equivalents: USD1249 million, +7.3%;
    • Total liabilities: USD2113 million, +1.1%;
  • 1Q2012 forecast:
    • Revenue per ASM: Modest growth;
    • Capacity: +8.0% to +9.0%;
    • Domestic: +4.0% to +5.0%;
    • Capital expenditure: USD45 million to USD50 million;
  • FY2012 forecast:
    • Cost per ASM excl fuel and profit share: Flat to +1.0%;
    • Capacity: +4.0%;
    • Domestic: +0.5% to +1.0%;
    • Capital expenditure: USD166 million to USD176 million. [more – original PR]

*Based on the conversion rate at USD1 = CAD0.995554

The carrier stated it took delivery of five leased Boeing 737s and one purchased 737 series aircraft, ending the year with 97 aircraft with an average age of 5.8 years.

WestJet: “We will add three 737 aircraft to our fleet in 2012, with deliveries scheduled for February, June and December. This will bring our total fleet count to 100 Boeing 737 aircraft by the end of this year. We anticipate capacity growth of approximately four per cent for the full-year 2012. Capacity increases are expected to be between eight and nine per cent year-over-year in the first quarter of 2012 and more moderate in the remaining quarters. We are projecting limited domestic capacity growth of between 0.5 to one per cent for the full-year, and a four to five per cent year-over-year increase in the first quarter of 2012.” Company statement. Source: WestJet, 08-Feb-2012.