Copa Holdings presented this Wednesday its financial results for the first quarter of 2023 (1Q23), where it reported net income of US$121.5 million, about 35% more than the US$89.4 million it obtained in the same period but 2019 (1Q19).
Operating income was US$193.2 million and an operating margin of 22.3% for the quarter, compared to US$112.9 million and 16.8% in 1Q19.
Passenger traffic, measured in terms of revenue passenger miles (RPM), increased 7.1% compared to 1Q19, while capacity (available seat miles or ASM) increased 2.8%. As a result, the occupancy factor for the quarter increased 3.5 percentage points to 86.8% compared to 1Q19.
→ Copa Airlines unveils growth plans for 2023
Total revenues for 1Q23 increased 29.0% to US$867.3 million, compared to revenues in 1Q19.
The company closed the quarter with approximately US$1.2 billion in cash and short-term and long-term investments, representing 36.3% of trailing twelve-month revenues, and total debt, including lease liabilities, of US$1.7 billion.
During the quarter, Copa Airlines took delivery of two new Boeing 737 MAX 9 aircraft, ending the period with a consolidated fleet of 99 aircraft – 67 Boeing 737-800s, 22 Boeing 737 MAX 9s, 9 Boeing 737-700s, and 1 Boeing 737-800 freighter.
Copa Airlines had an on-time performance for the quarter of 92.2% and a flight completion factor of 99.9%, once again ranking among the best in the industry.
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