Copa Holdings, S.A. (NYSE: CPA) has reported a net profit of USD 2.7 million for Q4 2019 or earnings per share (EPS) of USD 0.06, as compared to a net loss of USD 155.8 million or loss per share of USD 3.67 in Q4 2018, the company said.
For full year 2019, net profit came in at USD 247 million or EPS of USD 5.81, compared to a net profit of USD 88.1 million or earnings per share of USD 2.07 for full year 2018.
In the fourth quarter 2019, the Company had an operating profit of USD 17.8 million, compared to an operating loss of USD 126.4 million in 4Q18. Excluding Special Items, namely the fleet impairment charges in 4Q19 and 4Q18, The Company would have reported an Operating profit of USD 107.1 million in 4Q19, compared to an operating profit of USD 62.2 million in the fourth quarter 2018.
For full year 2019, the Company reported operating profit of USD 346.2 million.
Total revenues for the fourth quarter 2019 increased 3.9% to USD 681.9 million, despite a 4.6% capacity contraction. Yield per passenger mile increased 6.0% to 12.5 cents, and load factors improved 2.5 percentage points year over year to 85.3%. Revenue per available seat mile (RASM) came in at 11.1 cents, or 8.9% higher than the fourth quarter 2018.
For full year 2019, consolidated load factor was 84.8%, 1.4 percentage points higher than 2018 on a 2.7% capacity reduction.
Operating cost per available seat mile (CASM), excluding Special Items (Adjusted CASM) increased 1.4%, from 9.2 cents in the fourth quarter 2018 to 9.3 cents in the fourth quarter 2019.
Copa Holdings ended the year with a consolidated fleet of 102 aircraft — 6 Boeing 737MAX9s, 68 Boeing 737-800s, 14 Boeing 737-700s, and 14 Embraer 190s.
For 2019, Copa Airlines ended the year with a consolidated on-time performance of 91.9% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry.
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 with one of the youngest and most modern fleets in the industry, consisting of 102 aircraft: 6 Boeing 737MAX9s, 82 Boeing 737NGs and 14 EMBRAER 190s.