Copa Holdings $168.6 million fourth quarter revenue

Copa Holdings reported revenues of $158.6 million in the fourth quarter of 2020 far from the $681 million in the same period in 2019 but a huge improvement compared to the $32 million obtained in the third quarter of 2020.

The $158.6 million surpassed the estimate of $ 155 million held by investors on Wall Street.

The company’s shares closed at $77.56, but in subsequent operations, they had fallen $1.37% once the balance for the fourth 2020 was known.

 Panama allowed the return of regular commercial flights on October 12,  a situation that affected the finances of the air group that manages the operations of Copa Airlines and Wingo.

In total, 2020 revenue closed at $801 million, a 70% drop compared to $2.707 billion the previous year.

The fall in the company’s income is in line with the decrease in passenger traffic reported by Tocumen SA last year, which closed at 72%.

In its fourth-quarter report, Copa Holdings reported a loss of $85 million the months of October, November and December, while in the combined 12 months, the losses totaled $259 million after a profit of $336 million in 2019.

In its report, Copa Holdings reported that last December it obtained from the Export-Import Bank of the United States a guaranteed loan fof $327.9 million that will be used to acquire seven Boeing 737 MAX 9 aircraft, of which four have already been delivered.