According to the financial results for the first quarter of 2022, Copa has still not recovered its pre-pandemic capacity. “Capacity for the first quarter of 2022, measured in terms of available seat miles (ASM), was 87.6% of the capacity flown in the first quarter of 2019,” the company reported.
Copa reported net income of US$19.8 million for the quarter or US$0.47 per share, compared to net income of US$89.4 million or earnings per share of US$2.11. in 1Q19.
Likewise, it obtained an operating profit of 44.8 million US dollars for the quarter and an operating margin of 7.8%, compared to an operating profit of 112.9 million US dollars in the first quarter.
During the quarter, it received 2 Boeing 737 MAX 9 aircraft. Including 3 Boeing 737-700 aircraft currently in temporary storage and a Boeing 737-800 freighter, Copa ended the quarter with a consolidated fleet of 93 aircraft: 68 Boeing 737-800, 16 Boeing 737 MAX 9 and 9 Boeing 737-700, compared to a fleet of 102 aircraft before the pandemic, the company reported.
Total revenue for the same period was US$571.6 million, reaching 85.0% of 1Q19 revenue. Passenger revenues were 83.4% of 1Q19 levels, while cargo revenues were 40.6% higher than 1Q19. Revenue per available seat mile (RASM) came in at 10.2 cents, or 3.0% lower than 1Q19.
Operating cost per available seat mile excluding fuel decreased 1.6% in the quarter vs. 1Q19 at 6.0 cents. The Company ended the quarter with total debt, including lease liabilities, of US$1.6 billion. Copa Airlines had a punctuality in the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry.
as reported REPORTUR.coAlthough Copa projects for 2023 to exceed its capacity (number of available seats miles) by 9%, compared to 2019, Pedro Heilbron, CEO of the airline, also admitted that it may be hit by fuel spikes. (Copa admits to being badly hit by the fuel going off.)
“We are taking risks, the virus is still continuing, now the oil crisis is putting pressure on the airline industry,” Heilbron said at the time during the company’s growth projection for the coming years, adding that “fuel is close to 40% of our cost and it’s at levels we haven’t seen in 14 years, it’s having a very significant impact but it’s not stopping us,” the executive said.