AAirlines

Copa Holdings reported financial results first quarter of 2022

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Copa Holdings, the parent company of Panama’s Copa Airlines, announced Wednesday its financial results for the first quarter of 2022.

Holdings reported net income of US$19.8 million for the quarter, compared to net income of US$89.4 million in the first quarter of 2019. Excluding special items, the company would have reported net income of US$29.5 million.

→ Copa Airlines increased frequencies to Cúcuta (Colombia).

It also reported operating income of US$44.8 million for the quarter and an operating margin of 7.8%, compared to US$112.9 million in the first quarter of 2019.

Total revenue for the first quarter of the year was US$571.6 million, reaching 85.0% of revenue for the same period in 2019. Passenger revenue was 83.4%, while cargo revenue was 40.6% higher than pre-pandemic levels. Revenue per available seat-mile (RASM) was 10.2 cents, down 3.0% from the first quarter of 2019.

Operating cost per available seat-mile, excluding fuel (Ex-fuel CASM), decreased 1.6% in the quarter versus 1Q19 to 6.0 cents.

Capacity for the first quarter of the year, measured in terms of available seat-miles (ASM), was 87.6% of capacity flown in 2019.

→ Copa Airlines to resume flights to Boston beginning in July.

The company closed the quarter with approximately $1.2 billion in cash, short- and long-term investments, representing 65% of trailing twelve-month revenue, and total debt, including lease liabilities, of $1.6 billion.

Including two new Boeing 737 MAX 9s, three Boeing 737-700s currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s and 9 Boeing 737-700s – compared to 102 aircraft prior to the COVID-19 pandemic.

Copa Airlines had an on-time performance for the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry.

During the quarter, the company also announced two new destinations starting in June 2022: Santa Marta in Colombia and Barcelona in Venezuela.

Thanks to the recovery in demand following the impact of the Covid-19 Omicron variant, and despite rising fuel prices, Copa Holdings reported a profitable quarter.

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