Scottish carrier Flyglobespan has posted a profit of £1.2 million ($1.6 million) for the year ending October 2008.
Flyglobespan's profit figure follows a period during which the airline fought negative publicity about its financial position.
The carrier had attributed losses in the previous year to problems experienced while leasing aircraft for transatlantic routes, but the company has since operated its own machines.
"Despite difficulties caused by the unprecedented increase in the cost of aviation fuel, we have turned round the problems of the previous year and are back in profit," says Flyglobespan chairman Tom Dalrymple. "Had the fuel rises not been so steep, that profit would have been considerably more."
Flyglobespan adds that sales and revenue for 2009 are firm and that its charter and ACMI businesses are holding up well, as is its contract for the UK Ministry of Defence.