WestJet 2Q profit triples

WestJet Airlines Ltd.'s second-quarter profit nearly tripled from last year.

Calgary-based WestJet reported second-quarter net earnings of $30.2 million, or 23 cents per share, compared with $11.5 million, or nine cents per share, in the year earlier quarter.

Revenue for the quarter was $616 million, up 23.6 percent compared with the $499 million in the same quarter in 2007.

For the same quarter last year, the airline had posted a one-time charge related to a failed reservation booking system. It included a one-time loss related to the $22.2 million after-tax writedown of the failed aiRES system.

WestJet executives reportedly said they expect results to remain among the strongest in the struggling industry, but they warned the carrier is not fully immune to high oil prices and a shaky economy. Fuel expenses at the airline, which has stuck to its expansion plans while rivals have cut capacity, made up 38 percent of overall costs in the quarter, up from 26 percent a year earlier.

"At current unprecedented elevated levels, fuel prices will negatively impact our margins during the remainder of 2008," said airline's chief financial officer Vito Culmone. "Economic uncertainty in North America as well as the higher cost of air travel due to record fuel prices is deterring some guests from traveling."