Copa has reported a net profit of US$114.4 million for the first quarter. Excluding special items, the company would have reported a net profit of US$84.1 million or US$1.98 per share. Special items include an US$8.9 million unrealized mark-to-market loss related to the Copa’s convertible notes and a reversal of US$39.2 million in the company's provision related to the return of leased aircraft.
Copa reported an operating profit of US$155.0 million for the quarter. Excluding the US$39.2 million reversal, the company would have reported an operating profit of US$115.8 million and a 20.1% operating margin.
For full-year 2021, Copa reported a net profit of US$39.9 million or US$0.94 per share. Excluding special items, Copa would have reported an adjusted net profit of US$2.7 million or US$0.06 per share.
For full-year 2021, Copa reported an operating profit of US$145.7 million. Excluding special items, the company would have reported an operating profit of US$85.6 million and a 5.8% operating margin.
Capacity for 4Q21, measured in terms of available seat miles (ASMs), was 83.1% of the capacity flown in 4Q19.
Total revenues for 4Q21 came in at US$575.0 million, reaching 84.3% of 4Q19 revenues. Passenger revenues for 4Q21 reached 82.2% of 4Q19 levels, while 4Q21 cargo revenues were 61.2% higher than 4Q19. Passenger yield increased 1.0% to 12.7 cents and load factors decreased 1.8 percentage points to 83.5%, compared to 4Q19. Revenue per Available Seat Mile (RASM) came in at 11.3 cents, or 1.5% higher than 4Q19.
Operating cost per available seat mile (CASM) in 4Q21, excluding special items (adjusted CASM) decreased 3.8% vs. 4Q19 to 9.0 cents. While adjusted CASM, excluding fuel, decreased 7.5% to 6.1 cents.
Copa ended the quarter with US$1.5 billion in available liquidity, consisting of approximately US$1.2 billion in cash, short-term and long-term investments, and US$295 million in committed and undrawn credit facilities. Total debt, including lease liabilities, was US$1.6 billion at the end of the quarter.
During the reporting period, Copa took delivery of one Boeing 737 MAX 9, completed the conversion of one Boeing 737-800 into a freighter, and decided to retain three Boeing 737-700s previously classified as assets held for sale.
Including three Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa ended the year with a consolidated fleet of 91 aircraft – 68 Boeing 737-800s, 14 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic.