Copa Holdings reports net income of US$66.0m

Copa Holdings posted financial results for the third quarter of 2014. Net income of US$66.0m for 3Q14, excluding special items, Copa Holdings would have reported an adjusted net income of US$99.8m, a 14.1% decrease from adjusted net income of US$116.2m for 3Q13. Operating income for 3Q14 came in at US$111.1m, a 24.7% decrease from operating income of US$147.5m in 3Q13. Operating margin for the period came in at 16.7% or 5.0 points below 3Q13, as a result of lower unit revenues. Total revenues decreased 2.0% to US$663.7m. Yield per passenger mile decreased 7.7% to 15.9 cents and operating revenue per available seat mile (RASM) decreased 9.9% to 12.5 cents. Adjusting for a 10.2% increase in average length of haul, yields decreased 3.2% and RASM decreased 5.4%.