Copa posts Q1 loss, sees diverging trends in the Americas

Panama’s Copa Airlines is banking on its advantageous geographical position and extensive network to smaller cities across the Americas and the Caribbean to eventually pull itself out of the coronavirus-driven slump. Speaking on the company’s Q1 earnings call on 6 May, CE Pedro Heilbron says, however, that the airline is currently seeing two diverging trends in the region 15 months after the coronavirus crisis struck the air transport industry. While the airline’s home country of Panama as well as the USA are experiencing a downward trend in infection rates, and fewer travel restrictions as a result, numerous countries in Latin America such as Argentina, Venezuela and Chile are experiencing a resurgence in infections, and new constraints to free movement. “It’s anyone’s guess when those restrictions will be lifted. Things will get better, we know that, but it’s very difficult to know if it’s going to happen in July or September or who knows,” Heilbron says. “In many cases those are new restrictions that were not in place at the end of last year.” The airline says its Q1 loss was $110.7m, compared to a profit of $74.3m in Q1 2021. But that’s an improvement over the $177.3m loss the airline reported in Q4 2020.<br/>