While passenger traffic for the fourth quarter, measured in terms of revenue passenger miles (RPMs), increased by 11.1% compared to the last quarter of 2022
Copa Holdings, the company that manages Colombian airlines Copa and Wingo, today announced financial results for the fourth quarter of 2023 and the full year. The company reported net income of $191.8 million for the fourth quarter, or $4.55 per share.
Excluding special items comprised of a net gain of US$3.4 million related to the value of financial investments, Copa would have reported a net gain of US$188.4 million or US$4.47 per share.
For the full year 2023, the Company reported net income of US$518.2 million or US$12.89 per share. Excluding special items, comprised of a net loss related to the Company's convertible bonds, as well as changes in the value of financial investments totaling US$156.9 million, Copa Holdings would have reported an adjusted net profit of US$ 675.1 million or $16.79 per share, compared to adjusted net income of $335.4 million or earnings per share of $8.26 in 2022.
Likewise, Copa Holdings reported an operating profit of US$218.9 million and an operating margin of 23.9% for the quarter. For the full year 2023, the Company reported an operating profit of US$811.8 million and an operating margin of 23.5%, compared to an adjusted operating profit of US$450.4 million and an operating margin of 15,000. 2% in 2022.
Passenger traffic for the fourth quarter, measured in terms of revenue passenger miles (RPMs), increased by 11.1% compared to the last quarter of 2022, in line with capacity, measured in available seat miles ( ASMs), increased by 11.0%. As a result, the load factor for the quarter increased by 0.1 percentage points to 86.7% compared to the fourth quarter of 2022.
Finally, total revenue for the final quarter of 2023 increased 3.0% to $916.9 million driven primarily by increased capacity, while yields decreased 7.1% to 14.0 cents. Consequently, revenue per available seat mile (RASM) decreased 7.3% compared to the last quarter of 2022 to 12.7 cents.
