Copa Holdings reports net income of US$35.9m for fourth quarter

Copa Holdings reported net income of US$35.9m for 4Q14 as compared to net income of US$113.2m in 4Q13. Excluding special items, which for 4Q14 includes a non-cash loss of US$89.1m associated with the mark-to-market of fuel hedge contracts, and a US$0.4m loss related to devaluation of the Venezuelan Bolivar, Copa Holdings would have reported adjusted net income of US$125.3m compared to adjusted net income of US$141.8m or adjusted EPS of US$3.20 in 4Q13. Net income for full year 2014 reached US$371.4m compared to US$427.5m for full year 2013.