WestJet's Q1 Profit, Revenue Down

WestJet Airlines reported a drop in quarterly net profit, as oil-related business fell.

WestJet's net earnings fell nearly 38 percent to CAD$87.6 million in the first quarter ended March 31.

Revenue fell 4.8 percent to CAD$1.03 billion.

Calgary-based WestJet's fuel expenses fell nearly 21 percent to CAD$166.4 million (USD$132.4 million).

The company's cost per available seat mile fell 4.2 percent to 12.45 Canadian cents in the first quarter, from a year earlier.

However, WestJet's revenue per available seat mile (RASM) fell 11 percent to 14.14 Canadian cents.

WestJet shifted its focus to eastern Canada and suspended nearly a dozen daily flights in January from Alberta's airports after airlines operating in the oil-rich province started recording a significant decline in passenger traffic.