UPDATE 1-Southwest Air ekes out first-quarter profit

* Posts net income of 1 cent per share

* Revenue jumps nearly 12 pct

NEW YORK, April 22 (Reuters) - Low-cost carrier Southwest Airlines Co (LUV.N) eked out a first-quarter profit, helped by higher revenue and modest improvement in business traffic.

The airline posted net income of $11 million, or 1 cent per share. A year ago, the No. 5 airline by traffic posted a net loss of $91 million, or 12 cents per share.

The company, which has refused to charge for bags, reported earnings of 3 cents per share, excluding one-time items. This came in line with the analysts' average estimate compiled by Thomson Reuters I/B/E/S.

Revenue rose 11.6 percent to $2.63 billion. Expenses jumped 7 percent, due in part to higher fuel costs. (Reporting by Deepa Seetharaman; Editing by Lisa Von Ahn)