WestJet swings to profit in second quarter before privatization
Net earnings of $44.3M compared to loss of $15.8M in the same quarter last year
WestJet Airlines Ltd. says it swung to a profit in the second quarter ahead of Onex Corp. taking the airline private in a $3.5-billion deal.
The Calgary-based company says it had net earnings of $44.3 million in the quarter ending June 30, compared with a loss of $15.8 million in the same quarter last year.
Diluted earnings per share worked out to 38 cents each for the quarter, compared with a loss of 14 cents per share in the same quarter last year.
The company saw total revenue climb to $1.21 billion from $1.09 billion last year as it flew 3.5 per cent more travellers in the quarter.
Earlier this week, WestJet shareholders approved Onex's bid to acquire and take private the company for $31 a share.
The deal is still subject to some closing conditions, including regulatory approvals.
The offer was a reduction from the preliminary price of $35.75 per share submitted in March due to uncertainties related to the grounding of Boeing 737 Max jets, according to the proxy circular provided to shareholders.