Mexican ultra-low-cost carrier (ULCC) Volaris posted net income of MXP935 million ($50 million) for the 2016 second quarter, more than doubling its MXP351 million net profit reported in 2Q 2015.

Volaris said its 2Q results were driven by rising passenger traffic (which increased 24% year-over-year) and non-ticket revenue growth (up 34.7% year-over-year).

“These results reflect our ability to stimulate demand with low base fares, successfully switch bus passengers to air travel and further unbundle our product offering,” Volaris CEO Enrique Beltranena said.

Volaris said lower fuel prices during the quarter (down 8.6% year-over-year to MXP28.3 per gallon) were challenged by the ongoing depreciation of the peso to the dollar. The peso depreciated 17.9% year-over-year (YOY) against the dollar, from MXP15.31 per dollar in June 2015 to MXP18.05 in June 2016. US-dollar dominated costs such as aircraft and engine rent experiences, international airport costs and maintenance expenses put pressure on Volaris’ revenues during the quarter, the company said.

Volaris’ unit revenue (TRASM) during the 2Q grew 2.3% YOY to MXP0.958, compared to MXP0.937 in 2Q 2015.

Volaris’ operating revenue rose 25.2% YOY to MXP5.13 billion during the quarter. Expenses increased 26.5% YOY to MXP4.74 billion, resulting in an operating profit of MXP388 million, up 11.2% YOY. The ULCC’s non-ticket revenue was up 34.7% YOY, to MXP 1.32 billion.

Traffic increased 29.5% YOY to 6.74 billion RPMs on a 23.5% increase in capacity to 7.87 billion ASMs, producing a load factor of 85.6% for the quarter, up 4.1 points YOY.

Yield was down 1.4% YOY to MXP1.146 as RASM grew 3.4% YOY to MXP 0.981 and CASM increased 2.6% YOY to MXP1.155. CASM ex-fuel was MXP0.853, up 10.7% YOY.

Volaris took delivery of three Airbus A320s and two A321s during the second quarter, bringing its all-Airbus fleet to 64 aircraft, with an average age of 4.5 years.

Mark Nensel,