Air Do operating profit declines in 1Q2016, notes intensifying competition

Air Do revenue down 4% - financial highlights for three months ended 31-Mar-2016:

• Operating revenue: JPY47,334 million (USD394.4 million), -3.6% year-on-year;
• Operating costs: JPY45,429 million (USD378.6 million), -3.1%;
• Operating profit: JPY1905 million (USD15.9 million), -14.5%;
• Net profit: JPY839 million (USD7.0 million), +31.1%;
• Passenger numbers: 1.8 million, -4.7%;
• Passenger load factor: 66.3%, +3.3 ppts;
• Total assets: JPY47,690 million (USD397.4 million);
• Cash on hand and in banks: JPY11,581 million (USD96.5 million);
• Total liabilities: JPY37,690 million (USD314.1 million);
• FY2017 forecast:
• • Operating revenue: JPY49,200 million (USD410.0 million);
  • Operating profit: JPY1200 million (USD10.0 million);
  • Net profit: JPY200 million (USD1.7 million). [more - original PR - Japanese]

*Based on the average conversion rate at JPY1 = USD0.008333

The carrier noted (30-May-2016) that airlines in benefited from the low oil price while Japan has seen an increase in foreign visitors, but added competition is becoming increasingly intense.