Copa Holdings reported a net profit of $121.5 million for the first quarter of 2023 (Q1 2023), up on the $89.4 million recorded in Q1 2019.
The profit would have neared $160 million were it not for the unrealised mark-to-market net loss of $36.3 million which Copa said was "related to the company's convertible notes, as well as changes in the value of financial investments".
The company said it would pay a second quarterly dividend of $0.82 per share on June 15, to all Class A and Class B shareholders on record as of May 31.
The carrier's operating profit for Q1 2023 was $193.2 million, giving it a 22.3% operating margin for the quarter, again up on the operating profit of $112.9 million and operating margin of 16.8% in Q1 2019.
Revenue was up 39% to $867.3 million, despite the reported 17.2% increase in costs since Q1 2010, which was "mainly driven by an increase of 61.4% in the price of jet fuel per gallon".
The company ended the quarter with approximately $1.2bn cash, short-term and long-term investments, equivalent to 36.3% of the previous twelve months' revenues, and closed with debt, including lease liabilities, of $1.7bn, for a net debt to EBITDA ratio of 0.6, down on Q4 2022.
Passenger traffic, measured in terms of revenue passenger miles, increased by 7.1% compared to Q1 2019, while capacity , in available seat miles increased by 2.8%. The load factor for the quarter increased by 3.5 percentage points compared to Q1 2019, to 86.8%.
Copa took delivery of two Boeing 737 MAX 9 aircraft, ending the quarter with a fleet of 99 aircraft – 67 Boeing 737-800s, 22 Boeing 737 MAX 9s, 9 Boeing 737-700s, and 1 Boeing 737-800 freighter, three down on the fleet number listed before the Covid pandemic.