Copa Airlines reports an $86.6 million net profit during the fourth quarter, down 17% from a year earlier.
Operating revenue at the Panama-based carrier was up 17.7% to nearly $600 million while operating income fell 6.5% to $104.3 million during the period.
Passenger revenue per available seat mile (PRASM) was down 3% to 12.9 cents in the quarter versus 2011. Traffic grew 23.7% on a capacity increase of 22.3%. The airline's load factor increased by 0.8 percentage points to 75.7%.
Copa took delivery of two Boeing 737-800s from the airframer and returned one 737-800 to a lessor during the quarter.
The airline's full year net profit including special items rose 5.2% to $326.5 million year-on-year. Net income was $336.1 million excluding the items.
Operating revenue was up 22.9% to $2.25 billion and operating income was up 4.6% to $402.5 million during the year.
PRASM fell 0.2% to 13.1 cents in the period compared to 2011. Traffic was up 22.6% and capacity grew 24.1% while the load factor fell 0.9 percentage points to 75.4%.