Dublin-based Stobart Air, whose operations include the Aer Lingus Regional service, swung into the black in its last financial year with a €3.3m pre-tax profit.
That compared to a €10.5m loss in the previous 14-month financial period.
Stobart Air is part of the UK-based Stobart Group, which is involved in a consortium that includes Virgin Atlantic, which is acquiring struggling carrier Flybe. Stobart Air also operates less than 10 routes on behalf of Flybe.
Apart from operating the Aer Lingus Regional service on a franchise basis, Stobart Air inked a deal last year to operate routes for British Airways under the BA CityFlyer brand. Aer Lingus and British Airways are both part of the IAG group.
Turnover at Stobart Air rose 8pc on a comparative basis to €144.6m in the 12 months to the end of last February. It carried 1.68 million passengers in the last financial year, compared to 1.54 million in the previous comparative period. It said it's on track to carry 1.8m passengers in the financial year that ends next month.
Its load factor in the last financial year was 68pc. The average passenger fare yield was €38.90, while the average total revenue per passenger was €85.95. It generated €119.2m from ticket sales.
"The airline is committed to our business plan as a niche provider of regional airline services, combining flying for third parties with franchise operations," the directors noted in the accounts.