Copa Airlines reported a net profit of US$39.9 million for 2021

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Copa Airlines reported a net profit of US$39.9 million for 2021
Source: Copa Airlines
February 10, 2022

It can be seen that revenues continue to improve, although slightly below 2019


Source: SNIP News Panama

This Wednesday, February 9, the Panamanian flag carrier Copa Airlines reported a net profit of US$39.9 million or US$0.94 per share for the full year 2021, (unaudited), a figure that shows that the company is beginning to fly over the bad weather caused by the COVID19 pandemic, when in 2020 earnings were US$2.7 million or US$0.06 per share (year of start of the pandemic), but it still has a couple of miles to go to land in numbers such as US$247 million in 2019 (audited).

2021 results excluding special items, which included a US$39.2 million reversal in the Company's provision related to the return of leased aircraft, a US$22.8 million unrealized fair value loss related to convertible notes of the Company and a passenger revenue adjustment of US$20.8 million corresponding to unredeemed coupons from 2019 sales.

It can be seen that revenues continue to improve, although slightly below 2019, but the company has strengthened its balance sheet with liquidity of US$1.5 billion.

For 2019, the reported income was US$2,707 million, but it plummeted in 2020 to US$808 million and is taking flight to US$1,500 million, which they have reached in 2021.

Fourth trimester 

In the fourth quarter of last year, Copa generated US$176 million in EBITDA (Earnings before interest, taxes, depreciation and amortization), this is 34% above what the market was expecting for that quarter.

Other industry indicators that are being positive for Copa are Available Seat Miles (ASM), the Company operated 83.1% of its 4Q19 capacity during the quarter, compared to 69% of its 3Q19 capacity in 3Q21 .

So is the liquidity. The company ended the quarter with $1.5 billion in available liquidity, consisting of approximately $1.2 billion in cash, short-term and long-term investments, and $295 million in committed and undrawn credit lines.

Copa Airlines had a punctuality in the quarter of 90.0% and a flight completion factor of 99.54%, once again positioning the airline among the best in the industry.

New aircraft for a fleet of 91 aircraft

Regarding some reported facts, during the quarter, the company took delivery of a Boeing 737 MAX 9, completed the conversion of a Boeing 737-800 to a freighter and decided to retain three Boeing 737-700 previously classified as assets held for sale.

Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the year with a consolidated fleet of 91 aircraft: 68 Boeing 737-800s, 14 Boeing 737 MAX 9s and 9 Boeing 737-700s. compared to a fleet of 102 aircraft before the COVID-19 pandemic.

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