Panama-based Copa Airlines' second quarter net income fell 22.4% to $32 million, down from $41.3 million in the corresponding quarter a year ago.
Operating revenues grew 20.6% to $516 million for the three months ended 30 June, while operating expenses rose 25.5% to $443 million.
Copa's operating income for the quarter fell 2.7% to $72.6 million.
Passenger traffic grew 20.3% in the quarter, while capacity rose 24.8%. Passenger numbers rose 9.8% to 1.66 million. The load factor declined 2.8 percentage points to 73.5%.
Passenger revenue per available seat mile fell 2.5% to 12.6 cents.
The airline took delivery of five Boeing 737-800s in the quarter and returned two leased 737-700s to end the quarter with 80 aircraft.