Air Canada reports operating profit decline in 1Q2016

Air Canada revenue up 3% - financial highlights for three months ended 31-Mar-2016:

• Total revenue: CAD3343 million (USD2437 million), +2.9% year-on-year;
• • Passenger: CAD2864 million (USD2088 million), +2.8%;
  • Cargo: CAD116 million (USD84.6 million), -10.1%;
• Total operating costs: CAD3189 million (USD2324 million), +4.6%;
• • Labour: CAD608 million (USD443.2 million), +7.0%;
  • Fuel: CAD446 million (USD325.1 million), -24.7%;
• Operating profit: CAD154 million (USD112.2 million), -23.0%;
• Net profit: CAD101 million (USD73.6 million), compared to a loss of CAD309 million (USD225 million) in p-c-p;
• Passenger numbers: 10.0 million, +5.0%;
• Passenger yield: CAD 17.4 cents (USD 12.7 cents), -4.9%;
• Passenger revenue per ASM: CAD 14.1 cents (USD 10.3 cents), -5.4%;
• Operating revenue per ASM: CAD 16.9 cents (USD 12.3 cents), -4.5%;
• Operating cost per ASM: CAD 16.1 cents (USD 11.7 cents), -3.0%;
• Total assets: CAD13,503 million (USD9842 million);
• Cash, cash equivalents and short-term investments: CAD2947 million (USD2148 million);
• Total liabilities: CAD14,235 million (USD10,376 million). [more - original PR]

*Based on the average conversion rate at CAD1 = USD0.728884

Air Canada: "We continue to see a marked increase in the number of international and U.S.-originating customers choosing Air Canada for their global travel plans. The performance of Air Canada rouge continues to exceed our expectations and is allowing us to compete more effectively in leisure markets," Calin Rovinescu, President and CEO. Source: Company statement, 29-Apr-2016.