Copa Holdings reported net income of US$104.4m for 4Q11 as compared to net income of US$94.4m in 4Q10. Excluding special items, Copa Holdings reported an adjusted net income of US$85.3m, representing a 3.1% increase over adjusted net income of US$82.8m in 4Q10. Operating income for 4Q11 came in at US$106.1m, representing an increase of 13.0% over operating income of US$93.9m in 4Q10. Operating margin for 4Q11 came in at 21.0%, or 1.8p.p. below 4Q10.
Net income for full year 2011 reached US$310.4m, compared to US$241.1m for full year 2010. Excluding special items, however, Copa Holdings would have reported an adjusted net income of US$314.1m compared to US$248.2m for full year 2010, representing an increase of 26.5%. The Company reported operating income of US$384.7m for full year 2011, representing an increase of 32.8% over operating income of US$289.7m in 2010. Operating margin for full year 2011 came in at 21.0%, as compared to an operating margin of 20.5% in 2010.
