The Panamanian airline Copa Airlines registered a net loss of 118 million dollars in the third quarter of the year, a figure that contrasts with the profits of 103.9 million dollars in the same period last year, but improves the result of the second quarter, when the company scored a ‘red numbers’ of 386 million dollars, as shown in their quarterly accounts.
The losses are associated to the coronavirus crisis and its impact on the aviation industry, according to the company, given the uncertainty of the current environment that is forcing “most airlines around the world to make significant changes in the way they conduct business,” said EuropaPress.
In this environment, operating revenues fell 95.4% from $708.2 million in 2019 to $32.3 million this year. Revenue from passengers fell 96% to $27.6 million, while revenue from cargo and courier services plummeted 95.9% to $596,000.
For its part, operating costs contracted by 99.3%, with 1.2 million dollars, while the operating result recorded a loss of 106.9 million dollars, compared to the positive result of 132.8 million dollars in the previous year.
As a result of the health contingency, the company has no financial forecast guide for 2020, although it believes it will be able to continue increasing its capacity by 30% and 40% in November and December, respectively, compared to the same period in 2019.