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UPDATE 1-WestJet profit falls as Alberta economy weakens

Published 2016-02-02, 07:00 a/m
© Reuters. UPDATE 1-WestJet profit falls as Alberta economy weakens
WJA
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Feb 2 (Reuters) - Canada's WestJet Airlines Ltd WJA.TO
reported a smaller quarterly profit, hurt by its large exposure
to Alberta, where the economy is weakening.
The economy of Alberta, known for its oil-rich resources,
has been hit by a near 70 percent plunge in oil prices since
June 2014.
Jobless rates in the region, which is the energy-producing
province of Canada, has risen to 7 percent in December 2015 from
4.7 percent a year earlier.
The company also said it incurred a pre-tax foreign exchange
loss of C$10.1 million ($7.2 million) in the fourth quarter.
Net earnings fell to C$63.4 million, or 51 Canadian cents
per share, in the quarter ended Dec. 31, from C$90.7 million, or
70 Canadian cents per share, a year earlier.
Revenue fell 3.6 percent to C$958.7 million.
The airline's operating margin fell to 11.8 percent from 14
percent.
($1 = C$1.40)

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