Copa Holdings, the parent company of Panama's flag carrier Copa Airlines, reported a strong first quarter 2024 with its net profit at $176.1 million, up $18.3 million compared to the first quarter 2023 on an adjusted basis. ""These results include a negative impact of approximately $44 million related to the grounding of 21 of the company's Boeing 737 MAX 9 aircraft in January and exclude any compensation received from Boeing,"" the company said.
It reported an operating profit of $216 million and an operating margin of 24.2%, an increase of 11.8% and 1.9 percentage points, respectively, compared to first quarter 2023. Its total revenues for the first quarter increased 3% to $893.5 million driven by its increase in passenger traffic. Passenger traffic, measured in revenue passenger miles (RPMs), increased by 7.1% year-on-year (YoY), while capacity, measured in available seat miles (ASMs), increased by 8%. Its load factor for the quarter decreased by 0.7 percentage point to 86%.
The airline had also released its April traffic statistics, showing its ASMs were up 9.6% while its RPMs were up 11.2%. Its load factor for the month increased 1.2 percentage points to 86.6%.
Copa Airlines reports strong first quarter 2024 results
