Copa Holdings, the owner of Copa Airlines and Wingo, reported a net profit of $115.9 million for the third quarter in 2022, following a 14.3% rise in total revenues compared to the same period in 2019, prior to the COVID-19 pandemic. The Group reported an operating profit of $143.7 million and fully recovered its pre-pandemic capacity in Q3 by reporting an average load factor of 86.8% on its flights.
The Group posted an increase of 14.3% in the total revenue for the quarter compared to 2019 levels when the revenue was $809.4 million. Passenger revenue was 13% higher, while cargo revenue was 80.2% higher. Copa Holdings ended the quarter with a cash balance of $1.1 bn, representing 42% of the last twelve months revenues.
During the quarter, the company took delivery of one Boeing 737 MAX 9 aircraft, ending the quarter with a consolidated fleet of 95 aircraft. Copa has 67 B737-800s, 18 B737 MAX 9s, nine B737-700s, and one B737-800 freighter, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic. Subsequently, in October, the airline took delivery of one Boeing 737 MAX 9 and expects to receive one additional aircraft in November to close the year with a total fleet of 97 jetliners. Wingo, the low-cost branch based in Bogota’s El Dorado International Airport, currently operates nine Boeing 737-800s.
During Q3, Copa Airlines started operations on one new route, connecting Tocumen International with Mexico City’s new Felipe Ángeles International Airport (NLU). Copa is the third non-Mexican carrier to launch flights to this destination,
The company closed the quarter with total debt, including lease liabilities, of $1.7 billion.