Copa Holdings reports net income of US$102.3m for first quarter 2017

Copa Holdings, S.A. released its financial results for the first quarter of 2017 (1Q17). Copa Holdings reported net income of US$102.3m for 1Q17 compared to net income of US$115.5m in 1Q16. Excluding special items, the Company would have reported an adjusted net income of US$103.2m, compared to an adjusted net income of US$69.9m in 1Q16. Special items for 1Q16 include a non-cash gain of US$27.4m associated with the mark-to-market of fuel hedge contracts, and a US$18.1 million gain related to foreign currency fluctuations. Operating income for 1Q17 came in at US$117.5m, representing a 24.4% increase over operating income of US$94.5m in 1Q16, as a result of 4.3% additional capacity, and a 6.0% increase in unit revenue per available seat mile (RASM), partly offset by a 3.3% increase in unit costs. Operating margin for 1Q17 came in at 19.1%, compared to an operating margin of 16.9% in 1Q16. Total revenues for 1Q17 increased 10.6% to US$616.7m.