Copa Holding closes Q2 with positive results
During the second quarter of 2021, the Panamanian airline had a profit of US $ 28 million
Copa Holdings announced this Wednesday, August 5, the financial results for the second quarter of 2021 in which they obtained a profit of US $ 28 million.
The financial results of the group, which operates the Panamanian airline Copa Airlines, indicate that excluding special items, the company would have reported a net loss of US $ 16.2 million. They explained that the special items include an unrealized market value gain of US $ 33.9 million related to the company's convertible notes and a passenger revenue adjustment of US $ 10.4 million related to 2019 sales and 2020.
The company, like almost the majority, in the tourism sector, is being strongly affected by the impact of the measures to stop the Covid 19 pandemic.
In this period, Copa Holdings reported an operating profit of US $ 8.7 million for the quarter. Excluding the passenger revenue adjustment of US $ 10.4 million, the company would have reported an operating loss of US $ 1.7 million.
The Company's flight operations, measured in terms of available seat miles (ASM), represented approximately 48% of the capacity flown in the same period in 2019.
At the end of this quarter, the company reports that its aircraft fleet has 23 fewer aircraft.
Excluding aircraft classified as assets held for sale, and including aircraft in temporary storage, Copa Holdings ended the quarter with a consolidated fleet of 81 aircraft: 68 Boeing 737-800 and 13 Boeing 737 MAX 9, compared to a total fleet of 102 aircraft. at the end of the first quarter of 2020.
During the quarter, 3 Embraer 190 aircraft left the fleet as part of a previously agreed sale to a third party. As of June 30, 2021, one Embraer 190 aircraft remained pending delivery to the buyer.