Copa Airlines 737-8V3 (36550/3114) HP-1537CMP arrives at Los Angeles International Airport (LAX/KLAX) on January 25, 2012.
(Photo by Michael Carter)
Copa Holdings, parent company of Panama-based Copa Airlines and Copa Airlines Colombia, reported third-quarter net income of $66 million, down 47.6% year-over-year, compared to the company’s $126 million net in the year-ago September quarter.
Total revenue for the quarter was $663.7 million, down 2% year-over-year as expenses came to $552.6 million, up 4.3%; the company’s operating income totaled %111.1 million, down 24.7% year-over-year from $147.5 million in the third quarter of 2013.
Third-quarter yield fell 7.7% year-over-year to 15.9 cents as RASM dropped 9.9% to 12.5 cents though CASM improved to 10.4 cents (falling 4.1% year-over-year). CASM excluding-fuel was also down, dropping 5.7% year-over-year to 6.4 cents. Copa’s third-quarter fuel expenses were $212.6 million, up 7.3% year-over-year (a result of a 7.2% increase in gallons consumed during the quarter, Copa said).
Copa said the quarter’s lower passenger revenue yields were driven largely by the carrier’s 50% reduction of capacity in Venezuela, as well as the stipulation that ticket sales in Venezuela must be sold in bolivars, as opposed to US dollars.
As of Sept. 30, Copa Holdings reportedly has $520.7 million in funds subject to exchange controls in Venezuela still pending repatriation.
Consolidated traffic during the third-quarter was up 6.3% year-over-year to 4.04 billion RPMs on an 8.7% capacity increase to 5.3 billion ASMs, resulting in a quarterly passenger load factor of 76.3%, down 1.8 points year-over-year. Copa’s consolidated passengers-carried during the third-quarter was 1.9 million, down 3.5% from the year-ago quarter.
In a Nov. 20 quarterly results conference call with analysts, Copa announced its intention to launch Copa’s own customer loyalty program in July 2015. Until then, United MileagePlus will continue as the company’s frequent flyer program. Additional details about Copa’s new loyalty program will come in March 2015.
Copa Airlines [Panama] took delivery of three Boeing 737-800s during the quarter, bringing Copa Holdings’ consolidated fleet, as of Sept. 30, to 96 aircraft.
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