FUEL PRICE HIKES DRAG WESTJET
WestJet Airlines Ltd. reported a third-quarter profit of $45.9 million, down from a profit of $135.9 million in the same quarter last year amid rising fuel prices. The airline says the profit amounted to 40 cents per diluted share for the quarter ended Sept. 30, compared with $1.15 per diluted share a year ago. Revenue totalled $1.26 billion for the quarter, which included the busy summer travel period, up from $1.21 billion a year earlier. Analysts on average had expected a profit of 33 cents per share for the quarter, according to Thomson Reuters Eikon. WestJet says the drop in its quarterly profit compared with a year ago came amid increasing competition and rising fuel prices. Aircraft fuel costs per litre were up 37.1 per cent compared with a year ago. WestJet’s capacity in the quarter was up 9.9 per cent from a year ago, while traffic in the quarter increased 8.6 per cent.