Air Canada reports operating profit decline in 2Q2016

Air Canada revenue up 1% - financial highlights:

• Three months ended 30-Jun-2016:
• • Total operating revenue: CAD3458 million (USD2682 million), +1.3% year-on-year;
  • • Passenger: CAD3143 million (USD2438 million), +2.0%;
    • Cargo: CAD111 million (USD86 million), -9.8%;
  • Total operating costs: CAD3181 million (USD2468 million), +2.9%;
  • • Labour: CAD611 million (USD474 million), +7.6%;
    • Fuel: CAD527 million (USD409 million), -18.7%;
  • Operating profit: CAD277 million (USD215 million), -14.2%;
  • Net profit: CAD186 million (USD144 million), -37.2%;
  • Passenger numbers: 10.8 million, +6.0%;
  • Passenger load factor: 82.4%, -1.2 ppt;
  • Passenger yield: CAD 16.7 cents (USD 13.0 cents), -6.8%;
  • Passenger revenue per ASM: CAD 13.8 cents (USD 10.7 cents), -8.2%;
  • Operating revenue per ASM: CAD 15.5 cents (USD 12.0 cents), -8.7%;
  • Operating cost per ASM: CAD 14.2 cents (USD 11.0 cents), -7.3%;
• Six months ended 30-Jun-2016:
• • Total operating revenue: CAD6801 million (USD5116 million), +2.1%;
  • • Passenger: CAD6007 million (USD4519 million), +2.4%;
    • Cargo: CAD227 million (USD171 million), -9.9%;
  • Total operating costs: CAD6370 million (USD4792 million), +3.7%;
  • • Labour: CAD1219 million (USD917 million), +7.3%;
    • Fuel: CAD973 million (USD732 million), -21.5%;
  • Operating profit: CAD431 million (USD324 million), -17.6%;
  • Net profit: CAD287 million (USD216 million), compared to a loss of CAD13 million (USD10.5 million) in p-c-p;
  • Passenger numbers: 20.8 million, +5.5%;
  • Passenger load factor: 81.8%, -0.8 ppt;
  • Passenger yield: CAD 17.0 cents (USD 12.8 cents), -5.9%;
  • Passenger revenue per ASM: CAD 13.9 cents (USD 10.5 cents), -6.8%;
  • Operating revenue per ASM: CAD 16.1 cents (USD 12.1 cents), -6.9%;
  • Operating cost per ASM: CAD 15.1 cents (USD 11.4 cents), -5.4%;
  • Total assets: CAD14,539 million (USD10,937 million);
  • Cash and cash equivalents: CAD882 million (USD663 million);
  • Total liabilities: CAD15,212 million (USD11,443 million). [more - original PR]

*Based on the average conversion rate at CAD1 = USD0.775732 for 2Q2016
*Based on the average conversion rate at CAD1 = USD0.752254 for 1H2016
*Based on the average conversion rate at CAD1 = USD0.8047 for 1H2015

Air Canada: "I am pleased to report record EBITDAR results for the quarter from both an increase in revenue and traffic, and specifically from our continued strong focus on unit cost improvement," Calin Rovinescu, President and CEO. Source: Company statement, 29-Jul-2016.