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Copa Airlines A STAR ALLIANCE MEMBER Copa Holdings Reports Financial Results for the First Quarter of 2021 May 5 , 2021 PANAMA CITY , Panama , May 5 , 2021 / PRNewswire / -- Copa Holdings , S.A. ( NYSE : CPA ) , today announced financial results for the first quarter of 2021 ( 1Q21 ) . The terms " Copa Holdings " and " the Company " refer to the consolidated entity . The following financial information , unless otherwise indicated , is presented in accordance with International Financial Reporting Standards ( IFRS ) . See the accompanying reconciliation of non - IFRS financial information to IFRS financial information included in the financial tables section of this earnings release . Unless otherwise stated , all comparisons with prior periods refer to the first quarter of 2021 ( 1Q21 ) . OPERATING AND FINANCIAL HIGHLIGHTS • Copa Holdings reported a net loss of US $ 110.7 million for the quarter , or US $ 2.60 per share . Excluding special items , the Company would have reported a net loss of US $ 95.1 million , or US $ 2.23 per share . Special items for the quarter include a US $ 15.7 million unrealized mark - to - market loss related to the Company's convertible notes . Copa Holdings reported an operating loss of US $ 77.1 million for the quarter . • Cash consumption , defined as cash disbursements less proceeds , excluding extraordinary financing activities and asset sales but including capital expenditures and payment of financial obligations , averaged approximately US $ 23 million per month during the quarter . • The Company ended the quarter with US $ 1.5 billion of available liquidity , consisting of approximately US $ 1.2 billion in cash , short - term and long - term investments , and committed and undrawn credit facilities of US $ 345 million . • The Company closed the quarter with total debt , including lease liabilities , of US $ 1.7 billion . • The Company's flight operations , measured in terms of available seat miles ( ASMs ) , represented approximately 39 % of those in the same period in 2019 . • During the quarter , 4 Embraer 190 aircraft exited the fleet as part of a previously agreed sale to a third party . As of March 31 , 2021 , there were 4 remaining Embraer 190 aircraft sold that are expected to leave during the second quarter . • During the quarter , the Company took delivery of 6 Boeing 737 MAX 9. Excluding the aircraft classified as assets held for sale , and including aircraft in temporary storage , Copa Holdings ended the quarter with a consolidated fleet of 81 aircraft - 68 Boeing 737-800s and 13 Boeing 737 MAX 9s , compared to a total fleet of 102 aircraft at the end of the first quarter of 2020 . • During the quarter , Copa Airlines had an on - time performance of 95.0 % and a flight - completion factor of 99.3 % , once again positioning itself among the best in the industry . Subsequent Events • In April , the Company delivered 1 Embraer 190 aircraft , out of 14 that were sold to a third party . Consolidated Financial & Operating Highlights Revenue Passengers Carried ( 000s ) RPMs ( millions ) ASMS ( millions ) Load Factor Yield ( US $ Cents ) PRASM ( US $ Cents ) RASM ( US $ Cents ) 1,716 4,473 2,481 5,491 69.2 % 81.5 % 10.1 12.8 7.0 10.5 -12.3 p.p. 74.8 % 1Q21 1Q20 Variance vs. 1Q20 4Q20 Variance vs. 4Q20 1Q19 Variance vs. 1Q19 924 2,118 -56.4 % 681 -61.6 % 1,259 35.6 % 2,620 36.3 % 5,345 -64.7 % -67.9 % -54.8 % 1,684 47.3 % -5.6 p.p. 6,415 83.3 % -61.3 % -14.1 p.p. -21.5 % 11.7 -33.3 % 8.8 -13.9 % 12.1 -16.9 % -20.4 % 10.1 -31.0 % 7.5 10.8 -31.0 % 9.4 -20.6 % 10.5 -28.6 % CASM ( US $ Cents ) CASM Excl . Fuel ( US $ Cents ) Fuel Gallons Consumed ( millions ) Avg . Price Per Fuel Gallon ( US $ ) Average Length of Haul ( miles ) Average Stage Length ( miles ) Departures 10.6 9.0 17.1 % 15.1 -29.7 % 8.7 21.5 % 8.5 6.6 30.1 % 13.4 -36.3 % 6.1 40.5 % 29.08 70.02 -58.5 % 20.75 40.1 % 81.2 -64.2 % 1.75 1.95 -9.9 % 1.41 24.2 % 2.09 -15.9 % 1,858 2,112 -12.0 % 1,849 0.5 % 2,040 -8.9 % Block Hours Average Aircraft Utilization ( hours ) ( 2 ) Operating Revenues ( US $ millions ) 1,256 1,308 12,372 28,286 38,851 93,568 6.6 10.7 185.7 595.5 -3.9 % 1,211 3.7 % 1,299 -3.3 % -56.3 % 8,795 40.7 % 33,329 -62.9 % Operating Profit ( Loss ) ( US $ millions ) -77.1 98.7 Adjusted Operating Profit ( Loss ) ( US $ millions ) ( 1 ) -77.1 98.7 -58.5 % 26,870 -38.6 % -68.8 % 158.6 -178.1 % -95.1 -178.1 % -91.5 44.6 % 110,089 -64.7 % 5.2 26.8 % 12 -43.9 % 17.0 % 672.2 -18.9 % 112.9 -72.4 % -168.3 % -15.8 % 112.9 -168.3 %