Avianca Holdings reports strong 1H2016 operating profit growth, reaffirms FY EBIT margin guidance

Avianca Holdings revenue down 10% - financial highlights for six months ended 30-Jun-2016:

• Total operating revenue: USD1971 million, -9.5% year-on-year;
• • Passenger: USD1533 million, -11.3%;
  • Cargo and other: USD438.4 million, -2.3%;
• Total operating costs: USD1873 million, -11.6%;
• • Fuel: USD356.4 million, -33.8%;
  • Labour: USD318.3 million, -7.5%;
• Operating profit: USD97.8 million, +69.1%;
• Net profit (loss): (USD20.0 million), compared to a profit of USD10.7 million in p-c-p;
• Passenger numbers: 14.2 million, +4.3%;
• Load factor: 78.4%, -0.5 ppt;
• Revenue per ASK: USD 8.54 cents, -16.4%;
• Cost per ASK: USD 8.12 cents, -17.4%;
• Total assets: USD6279 million;
• Cash and cash equivalents: USD372.3 million;
• Total liabilities: USD4968 million. [more - original PR]

Avianca Holdings: "We managed to expand Avianca's profitability as our revenues for the quarter reached more than USD 966 million while operational costs1 dropped by more than 12.0%. As a result, our operating margin1 grew by more than 341 basis points, reaching a consolidated EBIT1 margin of 3.9% for the quarter and 5.6% for the first half of the year. As such we reaffirm our 2016 EBIT margin guidance between 5.5% and 7.5%," Hernán Rincón, CEO. Source: Company statement, 19-Aug-2016.