WestJet revenue down 13.8% in 2Q2009

WestJet revenue down 13.8% - financial highlights:

• Three months ended 30-Jun-2009:
  • Revenue: USD493.0 million, -13.8% year-on-year;
  • Costs: USD457.7 million, -12.4%;
    • Fuel: USD119.1 million, -39.8%;
  • Operating profit: USD34.1 million, -28.6%;
  • Net profit: USD8.5 million, -65.9%;
  • Passenger traffic (RPMs): -2.4%;
  • Load factor: 76.1%, -3.4 ppts;
  • Yield: USD 15.0 cents, -11.6%;
  • Revenue per ASM: USD 11.4 cents, -15.4%;
  • Cost per ASM: USD 10.6 cents, -14.0%;
  • Cost per ASM excluding fuel and employee benefits: USD 7.8 cents, +2.5%;
• Six months ended 30-Jun-2009:
  • Revenue: USD1,028 million, -8.6%;
  • Costs: USD937.9 million, -6.4%;
    • Fuel: USD251.0 million, -28.9%;
  • Operating profit: USD90.3 million, -26.8%;
  • Net profit: USD43.1 million, -40.7%;
  • Passenger traffic (RPMs): +1.3%;
  • Load factor: 78.3%, -2.4 ppts;
  • Yield: USD 15.1 cents, -9.9%;
  • Revenue per ASM: USD 11.9 cents, -12.5%;
  • Cost per ASM: USD 10.8 cents, -10.4%;
  • Cost per ASM excluding fuel and employee benefits: USD 7.9 cents, +2.5%.
• *Based on the conversion rate at USD1 = CAD1.08

WestJet also reports the following traffic highlights in Jul-2009:

• Passenger traffic (RPMs): -4.5% year-on-year;
• Load factor: 76.4%, -3.3 ppts.

WestJet: "With the continued weak outlook for the economy for the remainder of 2009, we are not expecting any real improvement in our RASM numbers for the balance of the year. For the third quarter 2009, we are seeing RASM declines continuing at similar declines from the second quarter year-over-year results. Although there have been some early indications that the economy may be improving, the airline industry typically lags economic improvement by six or more months," Sean Durfy, President & CEO. Source: WestJet, 06-Aug-2009.