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Copa Airlines A STAR ALLIANCE MEMBER Copa Holdings Reports Financial Results for the Third Quarter of 2021 November 17 , 2021 PANAMA CITY , Panama , Nov. 17 , 2021 / PRNewswire / -- Copa Holdings , S.A. ( NYSE : CPA ) , today announced financial results for the third quarter of 2021 ( 3Q21 ) . 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 third quarter of 2019 ( 3Q19 ) ( 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 $ 8.2 million for the quarter or US $ 0.19 per share . Excluding special items , the Company would have reported a net profit of US $ 29.9 million or US $ 0.70 per share . Special items include a US $ 32.1 million unrealized mark - to - market loss related to the Company's convertible notes and a passenger revenue adjustment of ( US $ 10.4 ) million corresponding to unredeemed coupons from 2019 and 2020 sales . • Copa Holdings reported an operating profit of US $ 59.0 million for the quarter and an operating margin of 13.3 % . Excluding the US $ 10.4 million passenger unredeemed coupon revenue adjustment , the Company would have reported an operating profit of US $ 48.6 million and an 11.2 % operating margin . . Operating cost per available seat mile ( CASM ) decreased 12.4 % vs. 2Q21 to 8.8 cents . While CASM , excluding fuel costs , decreased 18.6 % to 6.2 cents . • Cash buildup , defined as cash proceeds minus disbursements , excluding extraordinary financing activities and asset sales but including capital expenditures and payment of financial obligations , resulted in US $ 54 million for 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 . • Flight operations , measured in terms of available seat miles ( ASMs ) , represented 68.9 % of the capacity flown over the same period in 2019 . • During the quarter , the Company announced three new destinations starting December 2021 -Atlanta in the U.S. and Armenia and Cucuta in Colombia . • During the quarter , the Company exited the last Embraer 190 in its fleet and delivered two Boeing 737-700s to their new owner . • 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 87 aircraft - 68 Boeing 737-800s , 13 Boeing 737 MAX 9s , and 6 Boeing 737-700s , compared to a fleet of 102 aircraft the Company operated prior to the COVID - 19 pandemic . • The Company agreed with Boeing to accelerate the delivery of 12 Boeing 737 MAX 9s from its current order , two in 2022 and the other ten between 2023 and 2025 . • Copa Airlines had an on - time performance for the quarter of 89.4 % and a flight completion factor of 99.84 % , once again positioning itself amongst the best in the industry . Consolidated Financial & Operating Highlights RPMs ( millions ) Revenue Passengers Carried ( 000s ) ASMS ( millions ) Load Factor Yield ( US $ Cents ) PRASM ( US $ Cents ) RASM ( US $ Cents ) 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 3Q21 1,823 3,485 4,396 79.3 % 12.0 9.5 10.1 3Q19 ( 3 ) 2,703 5,466 6,383 85.6 % 12.5 10.7 Variance vs. 3Q19 2Q21 -32.6 % -36.2 % -6.4 p.p. -4.5 % -11.5 % Variance mm 8.8 6.2 52.0 2.13 1,912 1,213 22,559 69,308 11.1 9.0 6.2 82.0 2.16 2,022 1,295 33,373 109,614 vs. 2Q21 1,175 55.1 % 2,268 53.7 % -31.1 % 2,949 49.1 % 76.9 % 2.4 p.p. 12.4 -3.4 % -8.8 % 9.5 10.3 -0.4 % -1.9 % 10.0 -12.4 % -0.2 % 7.6 -18.6 % 35.3 47.4 % -1.0 % 1.98 7.7 % -5.4 % 1,930 -0.9 % -6.3 % 1,194 1.6 % 15,366 46.8 % -36.8 % 46,426 49.3 % -2.6 % -36.5 % -32.4 %