JetBlue reports 50% increase in 2Q net profit

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JetBlue Airways today reported second quarter net income of $30 million, a 50% improvement compared to the same quarter last year.

Operating revenues rose 17.8% to $939 million, which the airline says is a record for the second quarter.

Operating income increased 25.3% to $94 million.

Yields increased 8.2% to 11.93 cents, while load factor saw a 2.5 percentage point boost to 82%. As a result, passenger revenue per available seat mile (PRASM) increased 11.7%.

Meanwhile, operating costs increased 15.5% year-over-year to $845 million. Cost per available seat mile (CASM) increased 9.5% compared to the second quarter of 2009, while CASM excluding fuel rose 8.2%.

The New York-based low-cost carrier saw its fuel expense per gallon rise by 12.3% year-over-year, to $2.30 per gallon. JetBlue says it had hedged 45% of the quarter's fuel consumption, and lost $2 million on contracts that settled during the quarter.

The carrier has 47% and 46% of its third and fourth quarter fuel consumption hedged, respectively.

JetBlue CEO Dave Barger says: "Our second quarter results demonstrate the progress we are making to strengthen our network in Boston and New York, maximise revenues, control costs and maintain a long-term sustainable growth rate."