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Copa Airlines A STAR ALLIANCE MEMBER Copa Holdings Reports Financial Results for the Second Quarter of 2021 August 4 , 2021 PANAMA CITY , Aug. 4 , 2021 / PRNewswire / -- Copa Holdings , S.A. ( NYSE : CPA ) , today announced financial results for the second quarter of 2021 ( 2Q21 ) . 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 second quarter of 2019 ( 2Q19 ) ( which the Company believes are more relevant than year - over - year comparisons due to the significant impacts in 2020 of the COVID - 19 pandemic ) . OPERATING AND FINANCIAL HIGHLIGHTS • Copa Holdings reported a net profit of US $ 28.1 million for the quarter or US $ 0.66 per share . Excluding special items , the Company would have reported a net loss of US $ 16.2 million or US $ 0.38 per share . Special items include a US $ 33.9 million unrealized mark - to - market gain related to the Company's convertible notes and a passenger revenue adjustment of US $ 10.4 million related to 2019 and 2020 sales . • Copa Holdings reported an operating profit of US $ 8.7 million for the quarter . Excluding the US $ 10.4 million passenger revenue adjustment , the company would have reported an operating loss of US $ 1.7 million . • Cash accretion , defined as cash proceeds minus disbursements , excluding extraordinary financing activities and asset sales but including capital expenditures and payment of financial obligations , averaged approximately US $ 21 million per month during the quarter . • The Company ended the quarter with US $ 1.6 billion of available liquidity , consisting of approximately US $ 1.3 billion in cash , short - term and long - term investments , and US $ 345 million of committed and undrawn credit facilities . • The Company closed the quarter with total debt , including lease liabilities , of US $ 1.6 billion . • The Company's flight operations , measured in terms of available seat miles ( ASMs ) , represented approximately 48 % of the capacity flown in the same period in 2019 . • During the quarter , 3 Embraer 190 aircraft exited the fleet as part of a previously agreed sale to a third party . As of June 30 , 2021 , there was one remaining Embraer 190 aircraft pending to be delivered to the buyer . • 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 92.1 % and a flight completion factor of 99.5 % , once again positioning itself amongst the best in the industry . Subsequent Events • In July , Copa Airlines ' last remaining Embraer 190 aircraft was delivered to its new owner . • The Company entered into an agreement for the sale of 6 737-700s and has now decided to keep the remaining 6 737-700s . Consolidated Financial & Operating Highlights Revenue Passengers Carried ( 000s ) RPMs ( millions ) 2Q21 2Q19 ( 3 ) Variance vs. 2Q19 1Q21 Variance vs. 1Q21 1,175 2,268 5,249 2,550 -53.9 % 924 27.2 % -56.8 % 1,716 32.1 % ASMS ( millions ) Load Factor Yield ( US $ Cents ) PRASM ( US $ Cents ) RASM ( US $ Cents ) 2,949 6,166 76.9 % 85.1 % -52.2 % 2,481 18.9 % 12.4 11.8 9.5 10.1 -8.2 p.p. 69.2 % 4.9 % 10.1 7.7 p.p. 23.0 % -5.2 % 7.0 36.7 % 10.3 10.5 -1.4 % 7.5 37.8 % 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 Block Hours 10.0 9.1 9.8 % 10.6 -5.4 % 7.6 6.2 22.3 % 8.5 -10.4 % 35.3 79.31 -55.5 % 29.1 21.4 % 1.98 2.22 -10.9 % 1.75 13.0 % 1,930 2,058 -6.2 % 1,858 3.9 % 1,194 1,279 -6.7 % 1,256 -5.0 % 15,366 32,676 46,426 106,425 -53.0 % 12,372 24.2 % -56.4 % 38,851 19.5 %