WestJet's profits rise by double digits in Q2

Washington DC
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Calgary-based WestJet reports an operating profit of C$78.4 million ($72.5 million) for the second quarter of 2014, up 18% from the same period last year.

WestJet, which during the quarter launched its first transatlantic route and announced plans to acquire widebody aircraft, earned a net profit of C$51.8 million during the quarter, up 16% year-over-year.

Revenue rose 10.3% to C$930 million, says the carrier. Operating expenses grew 9.6% to C$852 million.

The airline's second quarter cost per available seat mile (CASM) was 13.76 Canadian cents, up 4.2% from the same period last year, and its revenue per available seat mile (RASM) was 15.02 Canadian cents, up 4.8%.

The airline ends the quarter with roughly C$1 billion in cash and cash equivalents.

WestJet reports a 79.6% load factor during the second quarter, which was in line with the second quarter of 2013, and capacity of 6.2 billion available seat miles, up 5.3% year-over-year.