Regional covid-19 surge pounds Copa’s bottom line

The upturn in positive covid-19 cases in the region has limited the recovery of airlines, and  Copa Holdings, the company that controls Copa Airlines and Wingo, posted a loss of $10.7 million or $2.68 per share during the first three months of 2021.

The company had revenue of $185.7 million, a 68% decrease compared to the $595.5 million reported in the same first quarter of last year, when the health crisis and travel restrictions began to be felt.

This year Copa Airlines has received 6 Boeing 737 MAX 9s and ended the first quarter with a total fleet of 81. In the last year, the company has sold its fleet of smaller aircraft to focus on the Boeing 737-800 and MAX 9.

The company acknowledges that the rebound in positive cases in the region in 2021 caused countries such as Cuba, Brazil, Venezuela and Chile to establish new measures that affected the airline sector.

“The pace of recovery of international travel within Latin America is still significantly hampered by travel restrictions and health requirements due to the Covid-19 pandemic,” the company reported.

The numbers reported by Copa Holdings did not exceed market expectations, which projected revenue of $187.9 million and a loss per share of $2.21 per share, according to estimates by the firm Zacks.