Copa struggles in Q3 amid travel restrictions

Panama’s Copa Airlines struggled during Q3 as travel restrictions almost completely shut down the airline for the first 45 days of the period. The company on Thursday reported a net loss of $118m on revenue of just $32.4m during the quarter that ended on 30 September. Revenue was more than 95% less than during the same period a year ago. The airline’s potential recovery was hamstrung by a Panamanian government order that effectively sealed off the country for almost half a year – an effort to prevent the spread of the coronavirus. The carrier suspended most operations on 22 March after the government imposed a ban on international inbound travel. For Copa, which has long marketed its home at Panama City’s Tocumen International airport as “the hub of the Americas”, that was devastating. In mid-August some restrictions were lifted, allowing Copa to operate for the first time in five months. On 11 October, foreigners and non-residents were finally permitted to re-enter the country. Copa restarted operations with eight destinations, expanding to 15 by the end of September, 30 at the end of October and 38 in mid-November. “The company has been gradually restarting destinations and adding frequencies as quickly as easing of restrictions and passenger demand has permitted,” says chief executive Pedro Heilbron.<br/>