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.
Related Topics
KLM Unveils Restructuring Plan to Cut Costs and Reshape European Fleet
New Wave of Bomb Hoaxes Disrupts at Least 27 Commercial Flights Across Europe on Thursday
Condor Launches Frankfurt–Bangkok Flights via Abu Dhabi in Codeshare with Etihad Airways
Lufthansa Group Signs Agreement to Acquire 44.9% Stake in TAP Air Portugal, Pledges to Preserve Portuguese Identity
Plataforma Informativa de Aviación Comercial con 13 años de trayectoria.