Southwest Posts Record Q1 Net Profit

Southwest Airlines has reported a net profit of $567m for the first quarter of 2016, beating the $451m it posted in the same period last year.

The Dallas-based carrier’s revenues also reached a record of $4.8bn, a 9.3 per cent year-on-year increase.

Fuel costs reduced by three per cent to $852m but labour costs grew by nine per cent to $1.5bn for the quarter.

Looking forward, Southwest CEO Gary Kelly said the accelerated retirement of its 737-300s, which will make way for newer 737MAX aircraft, will slow down its 2017 capacity growth plans.

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