Copa Holding Profits Down 49%

©image: Alex Steffler

Copa Holdings S.A., the parent of Panama-based Copa Airlines and Colombia-based Aero República, said its first-quarter net income fell 49 percent to $36.7 million, hit by currency charges and higher fuel costs. The results compared to a net profit of $71.6 million, in the same period a year earlier.

“The weaker results were in part due to a $19.8 million charge related to the devaluation of the Venezuelan currency in the first quarter and a noncash charge associated with the mark-to-market of fuel hedge contracts. Copa said it was also hit by a stronger Colombian currency, increased maintenance charges and expenses related to additional capacity to support growth in the second half of this year”, reported Reuters.

Source: Reuters

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