Copa Holdings reports USD 115.9 million third quarter profit

Copa Holdings, the holding company of Copa Airlines and Wingo, released its financial and operating results for the third quarter of 2022.

Key financial and operating results (expressed in US dollars)

Net profit of 115.9 million, or 2.93 dollars per share. In the third quarter of 2019, the company had reported a net profit of 104 million, or 2.45 dollars per share.
Operating profit of 143.7 million between July and September, with an operating margin of 17.8%. In the same period of 2019, operating profit had reached 132.9 million, with an operating margin of 18.8%.
Total revenues reached 809.4 million. The figure represents an increase of 14.3% compared to the third quarter of the last year prior to the start of the pandemic.
Yields increased by 12.1% to 14.1 cents. Revenue per available seat mile (RASM) increased 15% to 12.8 cents.
Operating cost per available seat mile (CASM) reached 10.5 cents, up 16.4% from the third quarter of 2019. According to the company, the figure is mainly explained by higher fuel costs.
Revenue passenger mile (RPM) increased by 0.8% compared to the same quarter of 2019. However, capacity decreased by 0.6%. As a result, load factor increased by 1.2 percentage points to 86.8%.
Copa Airlines reported an on-time performance of 86.6% across all services and a flight completion factor of 99.5%.
The company ended the quarter with approximately 1.1 billion dollars in cash, representing 42% of total revenues recorded in the last twelve months.
Total debt, including lease liabilities, was 1.7 billion dollars at 30 September.

Fleet

Copa Holdings took delivery of a new Boeing 737 MAX 9 in the third quarter of 2022.
The company ended the period with a fleet of 95 operational aircraft: 67 Boeing 737-800s, 18 Boeing 737 MAX 9s, nine Boeing 737-700s and one Boeing 737-800 freighter.
The total number of available aircraft was down from the same quarter in 2019, when the company had 102 operational airplanes.