Southwest’s 4th quarter profit down 19%

SouthwestÆs 4th quarter profit down 19% Southwest Airlines' fourth quarter net profit dropped 18.6 percent to $57 million, compared to $70 million in the prior-year quarter.
   The Dallas-based low-cost airline's results included unrealized losses from fuel hedges for future periods. Excluding special items, Southwest's net income was up 18.5 percent to $96 million from $81 million.
   Operating income for the quarter, including the special items, was up 24.3 percent to $174 million, from $140 million. Southwest's total operating revenue improved 14.5 percent to $2.28 billion from $1.20 billion in the same quarter last year. Revenue from freight fell 8.6 percent to $32 million.
   For the full year, Southwest reported a net income of $499 million, up 3.1 percent from $484 million in 2005. The airline's yearly operating income increased 28.8 percent to $934 million from $725 million. Operating revenue in 2006 rose 19.8 percent to $9.1 billion from $7.6 billion. Freight revenues were up just 0.8 percent to $134 million.