Copa Holdings Reports Q1 2023 Profits

Copa Holdings Reports Q1 2023 Profits

DALLAS – Copa Holdings, the parent company of Copa Airlines (CM), has reported its Q1 2023 earnings, posting a net profit of US$122m. Operating profit was also up at US$193.2m.

In an official statement, the airline said the results had been “driven by a healthy demand environment in the region, which led to strong unit revenues in the quarter, and by its consistent cost execution strategy.”

Passenger traffic, measured by revenue passenger miles (RPMs), was up 7.1% compared to Q1 2019. Capacity, measured in available seat miles (ASMs), increased by 2.8% to 6.6 billion, while load factor was up 3.5% compared to Q1 2019 to 86.8%.

Copa Airlines Boeing 737-9. Photo: Copa Airlines.

Expenses Rise


However, the Panama City-based carrier also saw expenses increase by 20.5% to US$674m. It said this was due to higher jet fuel costs, with aircraft fuel expenses increasing by 56% compared to Q1 2019.

During Q1, Copa received two Boeing 737-9s from the manufacturer. This brought its total fleet to 99 airframes, including 67 Boeing 737-800s, 22 737-9s, nine 737-700s and one 737-800 freighter. It still has several 737 MAX family aircraft on order.

Copa Airlines HP-1825CMP Boeing 737-800 (Biomuseo Livery). Photo: Luca Flores/Airways.

Looking Ahead


Copa Holdings closed Q1 2023 with US$ 1.2bn in cash, short-term and long-term investments. This represents 36.3% of the last twelve months revenues.

Looking ahead, the airline said that it had “a proven business model, which is built on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas® based on Panama’s advantageous geographic position, low unit costs, best on-time performance, and a strong balance sheet.

“Going forward, the Company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product, and cost competitiveness.”


Featured Image: HP-1848CMP Copa Airlines Boeing 737-8V3. Photo: Marty Basaria/Airways.

European Deputy Editor
Writer and aviation fanatic, Lee is a plant geek and part-time Flight Attendant for a UK-based airline. Based in Liverpool, United Kingdom.

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