Republic Airways reports profit increase in 2Q2012

Republic Airways revenue down 2% - financial highlights:

• Three months ended 30-Jun-2012:
  • Operating revenue: USD728.1 million, -1.6% year-on-year;
    • Frontier: USD370.7 million, +11.3%;
  • Operating costs: USD662.9 million, -8.9%;
• • • Fuel: USD191.3 million, -15.7%;
    • Labour: USD139.1 million, -3.9%;
  • Operating profit: USD65.2 million, +434%;
  • Net profit: USD20 million, compared to a loss of USD14.9 million in p-c-p;
  • Passenger numbers:
    • Republic: 5.1 million, -8.3%;
    • Frontier: 2.7 million, +3.0%;
  • Load factor:
    • Republic: 76.7%, +0.2 ppt;
    • Frontier: 90.1%, +1.7 ppt;
  • Total revenue per ASM:
    • Frontier: USD 12.18 cents, +8.3%;
  • Operating cost per ASM:
    • Frontier: USD 11.68 cents, -5.0%;
  • Cost per ASM excl fuel:
    
    • Frontier: USD 7.18 cents, -5.7%;
• Six months ended 30-Jun-2012:
  • Operating revenue: USD1426 million, +1.9%;
    • Frontier: USD713.1 million, +14.9%;
  • Operating costs: USD1338 million, -3.5%;
    • Fuel: USD382.9 million, -6.1%;
    • Labour: USD277.9 million, -2.3%;
  • Operating profit: USD87.4 million, +653%;
• • Net profit: USD12.9 million, compared to a loss of USD37.3 million in p-c-p;
  • Passenger numbers:
    • Republic: 9.6 million, -7.6%;
    • Frontier: 5.3 million, +9.4%;
  • Load factor: 87.4%, +2.7 ppts;
  • Total revenue per ASM:
    • Frontier: USD 11.80 cents, +7.9%;
  • Operating cost per ASM:
    • Frontier: USD 11.88 cents, -2.1%;
  • Cost per ASM excl fuel:
    • Frontier: USD 7.43 cents, -5.2%;
  • Total assets: USD3888 million, -0.4% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: USD180.3 million, -17.8% when compared to period ended 31-Dec-2011;
  • Total liabilities: USD3413 million, -0.8% when compared to period ended 31-Dec-2011. [more - original PR]

Republic Airways: "Despite the significant progress achieved thus far to improve our consolidated business results, we still consumed USD39 million of cash in the first six months of 2012; this is unsustainable over the long term. We must continue the ongoing effort to restructure our small regional jet operations so that we can return our Company to sustainable long-term health and competitiveness," Bryan Bedford, chairman and CEO. Source: Republic Airways, 31-Jul-2012.