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UPDATE 1-WestJet profit beats estimates as fuel costs fall

Published 2015-11-03, 07:08 a/m
© Reuters. UPDATE 1-WestJet profit beats estimates as fuel costs fall
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Nov 3 (Reuters) - Canada's WestJet Airlines Ltd WJA.TO
reported a better-than-expected quarterly profit, helped by
lower fuel costs and improved operating margin.
WestJet's fuel costs fell 27.9 percent to C$206.9 million
($157.8 million) in the third quarter ended Sept. 30.
Fuel is usually an airline's largest variable cost,
accounting for a third or more of operating expenses.
Cost per available seat mile, a measure of how much an
airline spends to fly a passenger, fell 5.7 percent to 12.83
cents.
The airline's operating margin rose to 15.3 percent from
12.5 percent.
Calgary-based WestJet is trying to attract customers away
from rival carrier Air Canada AC.TO by adding international
routes and boosting capacity.
Net earnings rose 95 percent to C$101.8 million, or 82
Canadian cents per share, from a year earlier.
Analysts on average had expected earnings of 75 Canadian
cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 3.5 percent to C$1.05 billion, beating the
average analyst estimate of C$1.02 billion.
($1 = C$1.31)

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