StarFlyer reports profits in 1QFY2016, raises full year guidance

StarFlyer revenue down 4% - financial highlights for three months ended 30-Jun-2016:

• Operating revenue: JPY7766 million (USD72.0 million), -3.8% year-on-year;
• Operating costs: JPY7177 million (USD66.5 million), -11.7%;
• Operating profit: JPY588.4 million (USD5.5 million), compared to a loss of JPY54.8 million (USD451,500) in p-c-p;
• Net profit: JPY448.4 million (USD4.2 million), +105%;
• Passenger numbers: 303,571, +1.7%;
• Passenger load factor: 67.3%, +6.5 ppts;
• Total assets: JPY18,923 million (USD175.4 million);
• Cash and cash equivalents: JPY4035 million (USD37.4 million);
• Total liabilities: JPY14,311 million (USD132.6 million);
• Revised FY2016 forecast:
• • Operating revenue: JPY33,300 million, unchanged from previous guidance;
  • Operating profit: JPY2700 million, +7.7% compared to previous guidance;
  • Net profit: JPY1400 million, +74.5% compared to previous guidance. [more - original PR - Japanese]

*Based on the average conversion rate at JPY1 = USD0.009268 for Jun-2016 quarter
*Based on the average conversion rate at JPY1 = USD0.008244 for Jun-2015 quarter

The carrier noted (01-Aug-2016) strengthening of its revenue management and appreciation of the Japanese yen contributing to significantly lower fuel costs and currency exchange for the raised guidance.