Copa Holdings, S.A. (NYSE: CPA) said it reported net income of USD64.1 million for the second quarter of 2015, or diluted earnings per share (EPS) of USD1.46.
Excluding special items, Copa Holdings would have reported an adjusted net income of USD41.0 million, or USD0.93 per share, a 64.7 percent decrease over adjusted net income of USD115.9 million and USD2.61 per share for 2Q14.
Operating income for 2Q15 came in at USD49.2 million, a 62.5 percent decrease over operating income of USD131.2 million in 2Q14. Operating margin for the period came in at 9.1 percent, compared to 19.5 percent in 2Q14, as a result of lower unit revenues partially offset by lower unit costs.
Total revenues decreased 20.1 percent to USD538.4 million. Yield per passenger mile decreased 20.4 percent to 13.2 cents and operating revenue per available seat mile (RASM) decreased 24.4 percent to 10.0 cents.
Passenger traffic (RPMs) decreased 0.2 percent during the quarter on a 5.8 percent capacity expansion. As a result, consolidated load factor came in at 72.9 percent, or 4.3 percentage points below 2Q14.
Operating cost per available seat mile (CASM) decreased 14.7 percent, from 10.7 cents in 2014 to 9.1 cents in 2Q15, mainly due to lower jet fuel costs. CASM excluding fuel decreased 6.3 percent to 6.2 cents mainly due to lower sales related expenses and lower overhead expenses.
Copa Holdings is a leading Latin American provider of passenger and cargo services. The company, through its operating subsidiaries, provides service to 74 destinations in 30 countries in North, Central and South America and the Caribbean.