Copa operating profit rises in Q4

Washington DC
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Copa Airlines reports an operating profit of $113.9 million in the fourth quarter of 2013, a more than 25% rise over the same period a year earlier.

Operating revenue rose 16.3% to $697.8 million and operating expenses increased 14.4% to $567.1 million during the quarter. Net income rose more than 31% to $113.9 million before special items.

Passenger revenue per available seat mile (PRASM) rose 6.9% to 13.8 cents and costs per available seat mile (CASM) excluding fuel increased 11.6% to 7.6 cents in the fourth quarter.

Traffic increased 10.7% and capacity 9.5%.

Panama-based Copa took delivery of one Boeing 737-800 during the period, bringing its fleet to 90 aircraft on 31 December 2013.

For 2013, the Star Alliance carrier reports a nearly 29% increase in operating profit to $518.5 million. Operating revenue rose 16% to $2.6 billion and operating expenses 13.2% to $2.09 billion.

Copa’s net profit increased more than 31% to $428.2 million before special items. Net profit was $468.1 million after a positive mark-to-market fuel hedge position and charges related to its 2005 acquisition of AeroRepublica and the Venezuelan currency devaluation.

PRASM rose 1.8% to 13.3 cents and CASM excluding fuel was up 1.9% to 6.9 cents.

Traffic grew 16.3% and capacity 14.4% in 2013.