Monday, 20 May 2024


Copa Holdings Reports Financial Results for the First Quarter of 2024 By

Amended & Restated Technical Report to Support Kharmagtai Preliminary Economic Assessment By

PANAMA CITY, Panama, May 15, 2024 /PRNewswire/ — Copa Holdings, S.A. (NYSE: NYSE:), today announced financial results for the first quarter of 2024 (1Q24). The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2023 (1Q23).


  • Copa Holdings reported a net profit of US$176.1  million  for 1Q24  or US$4.19  per share, a US$18.3  million  increase  compared to 1Q23 on an adjusted basis. These results include a negative impact of approximately US$44.0 million related to the grounding of 21 of the Company’s Boeing (NYSE:) 737 MAX 9 aircraft in January and exclude any compensation received from Boeing.
  • Copa Holdings reported an operating profit of US$216.0  million  and an operating margin of 24.2%,  an increase  of 11.8%  and  1.9 percentage points, respectively, compared  to 1Q23.
  • Passenger traffic for 1Q24, measured in terms of revenue passenger miles (RPMs), increased by 7.1% compared to 1Q23 while capacity, measured in available seat miles (ASMs), increased by 8.0%. As a result, the load factor for the quarter decreased by 0.7 percentage points to 86.0% compared to 1Q23.
  • Total revenues for 1Q24 increased 3.0% to US$893.5  million driven by an increase in passenger traffic. During the quarter, compared to 1Q23, passenger yields decreased by 3.8% to 14.0 cents, and revenue per available seat mile (RASM) decreased by 4.6% to 12.5 cents.
  • Operating cost per available seat mile (CASM) decreased by 6.9% from 10.2 cents in 1Q23 to 9.5 cents in 1Q24, mainly driven by a decrease of 13.9% in the price of jet fuel, a decrease in maintenance, materials and repairs costs, and lower sales and distribution costs.
  • CASM excluding fuel (Ex-fuel CASM) decreased  by 2.0%  in the quarter to 6.1  cents, when compared to 1Q23. Excluding the negative impact on costs and capacity  of the partial grounding of the Company’s 737 MAX 9 fleet in January, Copa Holdings would have reported an Ex-fuel CASM of approximately 5.8  cents for the quarter.
  • The Company ended the quarter with approximately US$1.1  billion in…

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