JetBlue Airways Q2 earnings down 31 percent

Leading U.S. discount carrier JetBlue Airways has expressed disappointment over the decline in its Q2 earnings. The airline said that its Q2 profit is down 31 percent because it entailed higher operating costs that ultimately masked its revenue growth.

In recent months, JetBlue Airways flights network has witnessed strong growth not only in terms of capacity but also in terms of new destinations it is flying too.

The airline, which currently maintains a significant presence in the Northeast, said that it hopes to see its capacity growing to 5.5 percent from the existing 3.5 percent in Q3 2013.

JetBlue Airways has, however, lowered its capacity growth projection for the year to by half a percentage point. The airline now expects an increase of 5.5 percent and 7.5 percent.

Dave Barger, President and Chief Executive of JetBlue Airways, said that the latest quarter has been negatively impacted by a sluggish economic environment and continued maintenance cost pressures.

Barger also hoped that maintenance cost pressures would be lessened and unit revenue performance would significantly improve in the second half of the year as the airline is well positioned to expand its margins.