Copa Holdings reports operating profit decline in 1Q2016

Copa Holdings revenue down 12% - financial highlights for three months ended 31-Mar-2016:

• Operating revenue: USD557.1 million, -11.8% year-on-year;
• • Passenger: USD537.7 million, -12.4%;
  • Cargo, mail and other: USD19.4 million, +5.7%;
• Operating costs: USD463.0 million, -8.2%;
• • Fuel: USD120.5 million, -25.0%;
  • Labour: USD73.7 million, -5.5%;
• Operating profit: USD94.1 million, -26.1%;
• Net profit: USD115.5 million, +2.0%;
• Passenger numbers: 2.1 million, +7.9%;
• Passenger load factor: 77.4%, +0.9 ppt;
• Breakeven load factor: 65.0%, +4.8 ppts;
• Yield: USD 12.5 cents, -15.4%;
• Passenger revenue per ASM: USD 9.7 cents, -14.5%;
• Revenue per ASM: USD 10.0 cents, -13.9%;
• Cost per ASM: USD 8.3 cents, -10.4%;
• Cost per ASM excl fuel: USD 6.2 cents, -2.8%;
• Average stage length: 1223 miles, -1.9%;
• Total assets: USD3736 million;
• Cash and cash equivalents: USD210.0 million;
• Total liabilities: USD2054 million. [more - original PR]

Copa Holdings: "For 2016, the Company updates its guidance as follows: Consolidated capacity is now expected to grow +/-2%, mainly as a result of capacity reductions in underperforming markets, such as Brazil and Venezuela. Load factors are still expected to come in at +/-76%. However, unit revenues (RASM) are now expected to come in at +/-9.6 cents, due to a weaker economic outlook for South America. Unit costs excluding fuel, or CASM ex-fuel, are expected to come in lower at +/-6.4 cents due to cost efficiency initiatives." Source: Company statement, 05-May-2016.