WS broke even in their third full month of operations in May 1996.
Apples and oranges my friend.
When WestJet started operations in 1996, the price of jet fuel was US$0.56/gallon. Adjusted for inflation, that same barrel in 2024 would cost US$0.82/gallon. Except, that's not the current cost of jet fuel. The current price is US$2.102/gallon, with fluctuations to as high as US$4.00/gallon in 2022.
This isn't about an LCC or Legacy carrier starting up and charging a fare that will pay the bills. Porter is smart. They've not survived by charging ultra-low fares. They've survived by charging a fare that makes them a bit of money and providing stellar service. ULCC doesn't work in Canada because they're charging far too little to even come close to breaking even. There simply are not enough people in Canada to drive the type of revenue that is required. You are correct that any airline can enter using best practices. Just not by charging ULCC fares. That's been proven multiple times now in Canada and, unfortunately, the concept just claimed its most recent victim.