Copa reports Q4 and full year 2021 results

Copa has reported a net profit of US$114.4 million for the first quarter. Excluding special items, the company would have reported a net profit of US$84.1 million or US$1.98 per share. Special items include an US$8.9 million unrealized mark-to-market loss related to the Copa’s convertible notes and a reversal of US$39.2 million in the company’s provision related to the return of leased aircraft. Copa reported an operating profit of US$155.0 million for the quarter. Excluding the US$39.2 million reversal, the company would have reported an operating profit of US$115.8 million and a 20.1% operating margin. For full-year 2021, Copa reported