April 27 (Reuters) - Southwest Airlines Co reported a 31.6 percent fall in quarterly profit on Thursday as operating expenses rose and average fares fell.
The No. 4 U.S. airline by passenger traffic said its net income fell to $351 million, or 57 cents per share, in the first quarter ended March 31, from $513 million, or 79 cents per share, a year earlier.
Operating revenue rose 1.2 percent to $4.88 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)