Copa Holdings reported net income of $120.3 million in the second quarter of 2024
Copa Holdings, parent company of Copa Airlines and Wingo, released its second quarter 2024 (2Q24) financial results on Wednesday.
The company reported a net profit of US$120.3 million in the second quarter of 2024, equivalent to US$2.88 per share, with an operating profit of US$159.5 million and a margin of 19.5%.
2Q24 passenger traffic, measured in terms of passenger-miles (RPM), increased by 10.6% compared to 2Q23, while capacity, measured in available seat-miles (ASM), increased by 9.7%. As a result, the occupancy factor for the quarter increased 0.7 percentage points to 86.8% compared to the same period in 2023.
Revenue per available seat mile (RASM) decreased 7.7% to 11.0 cents compared to 2Q23, driven by an 8.7% decline in passenger yield. Total revenue for 2Q24 increased 1.3% to $819.4 million.
→ Copa Airlines to increase flights to Florianópolis, Brazil
The company closed the quarter with approximately US$1.2 billion in cash, short- and long-term investments, representing 35% of revenues for the last twelve months.
The company closed the quarter with total debt, including capital lease liabilities, of US$1.8 billion, while its adjusted net debt to EBITDA ratio stood at 0.6 times.
During the quarter, the holding company took delivery of three Boeing 737 MAX 9s, ending the quarter with a consolidated fleet of 109 aircraft – 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s and 1 Boeing 737-800 freighter.
Copa Airlines recorded a punctuality rate of 87.6% for the quarter and a flight completion factor of 99.7%, once again ranking among the best in the industry.
In July, the holding company took delivery of its first Boeing 737 MAX 8, increasing its total fleet to 110 aircraft.
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