Copa Holdings posts small Q2 profit.
Copa Holdings, parent company of Panama’s Copa Airlines, reported Wednesday a net profit of US$28.1 million in the second quarter of the year, and operating income of US$8.7 million. Excluding the passenger revenue adjustment of US$10.4 million.
See also: Copa Airlines resumes flights to Chiclayo, Peru.
Copa ended the second quarter with US$1.6 billion of available liquidity, consisting of approximately US$1.3 billion in cash, short-term and long-term investments, and US$345 million of committed and undrawn lines of credit.
The company closed the quarter with total debt, including lease liabilities, of US$1.6 billion.
See also: Copa Airlines suspends flights to San Andres and reschedules for November.
The company’s flight operations, measured in terms of available seat miles (ASMs), accounted for approximately 48% of capacity flown in the same period of 2019.
Excluding aircraft classified as assets held for sale, and including aircraft in temporary storage, Copa Holdings ended the quarter with a consolidated fleet of 81 aircraft – 68 Boeing 737-800s and 13 Boeing 737 MAX 9s, compared to a total fleet of 102 aircraft at the end of the first quarter of 2020.
During the quarter, Copa Airlines had an on-time performance of 92.1% and a flight completion factor of 99.5%, once again ranking among the best in the industry.
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