CityJet saw a 66% reduction in operating losses between 2014 and 2015, with the deficit dropping from €30.6m to €10m.
Revenue at the Dublin-based airline fell from €179.8m in 2014 to €165.1m last year.
The company said this drop was due to the continuing streamlining of its business following its independence from former owner Air France in 2014.
However, CityJet said revenue so far for 2016 was 30% ahead of the same period in 2015.
Executive Chairman Pat Byrne said the results “illustrate the improving trading position of CityJet as we continue to reshape the business into a profitable and sustainable aviation operator”.
The company has taken delivery of eight new CRJ900 jets, which it operates for SAS, with four more CRJ900s arriving next March, and has also taken delivery of the first three new Superjet SSJ100s from an order of 15, which are being placed in the charter and wet lease markets.
Mr Byrne said: “Today, we have 50% of our operating fleet on wet lease services for other airlines, up from 30% in 2015.
“We have a total fleet today of 26 aircraft, with an additional nine aircraft due in 2017. This contrasts with a total fleet of 17 at the end of 2015.”
“Clearly this is a growing business, with more growth to come. The 2015 results show that the trajectory we are on is delivering results.”
Last month CityJet reached an agreement with Stobart Group, the operator of regional airline Stobart Air, to base aircraft at its London Southend Airport from next summer.
The deal means the airline will operate a number of routes from the airport to European destinations.
CityJet’s results come as planned strike action this week by pilots at the airline was deferred following talks at the Workplace Relations Commission.
The Unite trade union, which represents the pilots, said it agreed to the move to allow for a Labour Court hearing into its ongoing pay dispute.