Copa to restore entire network in 2022

Copa Holdings, parent of Panama’s Copa Airlines, expects to restore the carrier’s full network next year as more countries discard coronavirus-driven travel restrictions and vaccination rates across Latin America inspire customers to travel. The Panama City-based airline says on 17 November that revenue during the 2021 Q3 was $445m, 37% less than during the same period in 2019, but more than the $304m the company reported in the second quarter. The revenue rise was “mainly driven by passenger revenue”, Copa says. Its net profit fell to $8.2m, down from $104m in the same three months of 2019.“Improvements in vaccination rates and reduced travel restrictions in Latin America have positively impacted international travel demand in the region, allowing the company to deploy additional capacity quarter-over-quarter while improving load factors,” CE Pedro Heilbron says on the company’s earnings call on 18 November. “Although most countries continue to have travel restrictions and/or health requirements, downward trends in Covid-19 cases have led to a relaxation of these measures, which we expect should help to further increase air travel demand,” he adds. Copa’s capacity during the three months ending on 30 September was 49% more than in the second quarter of the year, reaching 70% of pre-pandemic levels. Heilbron says that number will continue to rise.<br/>