CALGARY - WestJet Airlines Ltd. (TSX:WJA) will raise its quarterly dividend by 20 per cent, starting with next month's payment to shareholders.

The Calgary-based airline will pay a dividend of 12 cents per share on March 31, an increase of two cents per share.

WestJet also reported $67.8 million of net income in the fourth quarter, or 52 cents per diluted share, and $926.4 million of revenue.

The revenue was slightly below estimates of $931 million but WestJet's earnings met expectations of 52 cents per share.

A year earlier, WestJet had $60.9 million or 46 cents per diluted share of earnings and $860.6 million of revenue.

Since then, it has been expanding its reach through partnerships with other airlines and the launch of the WestJet Encore regional service.