Weak Alberta economy saps WestJet profit

WestJet Airlines says the airline’s Q1 profits were hit by economic weakness, especially in its home base of Alberta, but believes things are starting to turn around. The airline has made adjustments to its flight network, moving some routes out of the West and Newfoundland, which has also been struggling with the steep drop in oil prices, into places like Toronto and elsewhere in Ontario. “All things considered, we feel better (than three months ago),” said Bob Cummings, executive vice-president commercial, during a conference call Tuesday with analysts, pointing to a “little bit of creep in oil prices.” “Alberta is getting to a healthier place. The sentiment, I will say, is changing,” he said, though he wouldn’t say “whether we have the bottom or not.” The Calgary-based company says it had an $87.6m profit, or 71 cents per diluted share, in Q1. That was down substantially from a year earlier, when it had a record profit of $140.7m.<br/>