Air Austral made an €8.4 million ($11.4 million) operating profit in the year ended 31 March, reversing a €27.1 million loss the year before.
While revenue fell 2.2% to €353 million, expenses tightened 11% to €345 million.
Load factor increased eight percentage points to 83%.
The Reunion-based airline puts its improved performance down to a successful cost-cutting plan: it realised €9.7 million in savings, against a target of €7.5 million.
Air Austral also highlights better aircraft utilisation, product improvements, and the strengthening of its market position following the start of operations by its subsidiary Ewa Air, which operates services in the Mozambique Channel region.