Copa Holdings, S.A. (NYSE: CPA) has reported USD 74.3m in first quarter 2020 net profit, or earnings per share (EPS) of USD 1.75, as compared to net profit of USD 89.4 million or earnings per share of USD 2.11 in the previous year, the company said.
Due to air travel restrictions implemented in response to the Covid-19 outbreak, the Company was forced to temporarily suspend all commercial flights on March 22nd, 2020. The Company currently expects to re-start a scaled-down operation on June 1st, 2020, although this date could be delayed as a result of further travel restrictions.
For the first quarter 2020, Copa Holdings reported operating profit came in at USD 98.7 million, representing a 12.6% decrease from operating profit of USD 112.9 million in 1Q19.
Operating margin came in at 16.6%, compared to an operating margin of 16.8% in 1Q19.
Consolidated passenger traffic decreased 16.3% on a 14.4% capacity reduction. As a result, consolidated load factor for the quarter decreased 1.9 percentage points to 81.5%.
Total revenues decreased 11.4% to USD 595.5 million. Yield per passenger mile increased 5.8% to USD 0.128 and RASM came in at USD 0.108, or 5.8% higher than the first quarter 2019.
Operating cost per available seat mile (CASM) increased 3.8%, from USD 0.087 in the first quarter 2019 to 0.090 cents in 1Q20. CASM excluding fuel costs increased 8.0% from USD 0.061 cents to USD 0.066.
During 1Q20 the company drew USD 145 million from its available short-term lines of credit.
Copa Holdings ended the quarter with a consolidated fleet of 102 aircraft — 6 Boeing 737MAX9s, 68 Boeing 737-800s, 14 Boeing 737-700s, and 14 Embraer-190s.
On April 30, 2020, the company further bolstered its cash position by successfully closing a USD 350 million convertible senior notes offering, maturing in 2025.
Copa Holdings is a Latin American provider of passenger and cargo services. The company, through its operating subsidiaries, provides service to 80 destinations in 33 countries in North, Central and South America and the Caribbean.