Copa Airlines reports increased net profit during Q3 2019 results

Darren Wood
By Darren Wood November 14, 2019 11:28

Copa Airlines reports increased net profit during Q3 2019 results

Panama’s flag carrier Copa has reported net profit of $104 million during the first quarter of 2019, up from the $58 million posted during the same period a year ago. 

Operating profit for the quarter came in at $133 million, representing a near 71% increase from an operating profit of $78 million in 3Q18.  

Total revenues during Q3 2019 increased 5.3% to $708 million.

Operating margin for the third quarter of 2019 came in at 18.8%, 7.2 percentage points higher than the 11.6% generated in the corresponding period last year. 

Despite the operational challenges presented by the grounding of its Boeing MAX fleet, Copa Airlines delivered an on-time performance of over 92% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry. 

Copa Holdings ended the quarter with a consolidated fleet of 103 aircraft – 68 Boeing 737-800s, 14 Boeing 737-700s, 15 Embraer-190s and 6 Boeing MAX9s. 

As part of its plan to increase efficiencies, the airline has decided to accelerate the exit of its E190 fleet and is planning to sell the remaining 14 aircraft over the next 18 months, three years earlier than previously planned. 

This anticipated exit could result in a book loss in the range of $90 million related to the sale of the aircraft and spare parts inventory.

Darren Wood
By Darren Wood November 14, 2019 11:28