Copa Q3 profit rises to $116m

Copa Holdings, the parent company of Panama’s Copa Airlines posted stronger Q3 earnings as passengers returned to air travel in greater numbers. The Panama City-headquartered carrier said on 16 November that revenue rose to $809m in Q3 2022, driven primarily by higher passenger revenue. That’s up 14.3% from $708m the airline reported in Q3 2019. Profit rose to $116m for the quarter, up 11.5% from $104m during the same quarter in pre-pandemic 2019. “After the losses related to the Covid pandemic, we have seen a steady improvement in our financial results,” Copa says. “The company has a proven and very strong business model, which is built on operating the best and most convenient network for intra-Latin America travel.” Panama CIty’s advantageous geographic position directly between the north and south American continents, low unit costs, best on-time performance, and a strong balance sheet have helped the carrier recover from the two-year Covid-19 pandemic. “Going forward, the company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product, and cost competitiveness.”<br/>