Southwest Airlines forecasts 'solid' profit

Southwest Airlines Co on Thursday forecast "solid" profit for the current quarter and said quarterly revenue would surpass pre-pandemic levels on surging travel demand, sending its shares higher, reports Reuters.

The company said it turned a profit in the month of March and expects to be "solidly profitable" this year despite higher fuel and labour costs.

Southwest's shares were up 2.2 per cent at $46.97 in morning trade.

The airline reported a wider-than-expected adjusted loss in the first quarter due to flight cancellations and staff shortages. The airline had in January cancelled more than 5,600 flights and roughly 10 per cent of its workforce contracted the coronavirus.