Copa Holdings reports USD 50.9m in Q2 2019 net profit

Copa Holdings, S.A. (NYSE: CPA), has reported a USD 50.9 million net profit in the second quarter 2019, or EPS of USD 1.20, compared to USD 49.8 million or EPS of USD 1.17 in the second quarter of 2018, the company said.

Operating profit for 2Q19 came in at USD 82.6 million, representing a 36.7% increase from an operating profit of USD 60.4 million in the second quarter of 2018, as a result of a 6.3% increase in unit revenues (RASM), partly offset by a 2.5% increase in unit costs (CASM) which was mostly related to the grounding of the MAX fleet.

Operating margin for 2Q19 came in at 12.8%, compared to an operating margin of 9.5% in 2Q18.

Capacity (ASMs) decreased 4.3% in 2Q19, all due to the grounding of the MAX fleet, while consolidated passenger traffic (RPMs) decreased only 2.5%. As a result, consolidated load factor for the quarter increased 1.6 percentage points to 85.1%.

Total revenues for 2Q19 increased 1.7% to USD 645.1 million. Yield per passenger mile increased 4.1% to USD 0.118 cents and RASM came in at USD 0.105, 6.3% higher than 2Q18.

Operating cost per available seat mile (CASM) increased 2.5%, from USD 0.08.9 in 2Q18 to USD 0.091 in 2Q19.

Copa Holdings is a Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 80 destinations in 32 countries in North, Central and South America and the Caribbean with a fleet consisting of 104 aircraft: 82 Boeing 737NG aircraft, 6 Boeing 737 MAX9s and 16 EMBRAER-190s.