Copa Holdings reports earnings of US$348.1 million in 2022

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2 years ago

Copa Holdings, parent company of Copa Airlines, announced Wednesday its financial and operating results for the fourth quarter (4Q22) and full year 2022.

The company reported a net profit of US$88.3 million for 4Q22, mainly due to the continued effect of high fuel prices, as well as the negative effect of the mark-to-market valuation of the company’s convertible bonds. Excluding special items, the company would have recorded a net profit of US$177.7 million.

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In 4Q22, it reported a profit of US$219.7 million and an operating margin of 24.7%.

Total revenues for 4Q22 increased 30.6% to US$890.6 million, compared to revenues in 4Q19. Yields increased 20.4% and revenue per available seat mile (RASM) increased 23.4%.

Passenger traffic, measured in terms of revenue passenger miles (RPMs), increased by 7.5% compared to 4Q19, while capacity (ASMs) increased by 5.9%.

Copa Holdings closed the fourth quarter with approximately $1.1 billion in cash, short- and long-term investments, representing 38.3% of trailing twelve-month revenues, up from $1.2 billion in 2021, and total debt, including lease liabilities, of $1.7 billion, up from $1.6 billion at the end of 2021.

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During the last quarter, the company took delivery of two Boeing 737 MAX 9 aircraft, ending the year with a consolidated fleet of 97 aircraft – 67 Boeing 737-800s, 20 Boeing 737 MAX 9s, 9 Boeing 737-700s and 1 Boeing 737-800 freighter.

Copa Airlines had an on-time performance for the fourth quarter of 86.1% and a flight completion factor of 99.6%.

For the full year 2022, the company earned a net profit of $348.1 million. Excluding special items, Copa Holdings would have reported adjusted net income of US$335.4 million, compared with US$336.3 million in 2019.

In 2022, it reported a profit of US$450.4 million and an operating margin of 15.2%, compared to US$435.5 million and 16.1% in 2019.