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Airlines

Name: COPA AIRLINES
7JetSet7 Code: COP
Status: Operational
Region: LATIN AMERICA
City: PANAMA CITY
Country: PANAMA
Employees 2400
Web: copa.com
Email: proquebert@mail.copa.com.pa
Telephone: +507 227 2522
Fax: +507 227 1952
Sita: PTYDMCM
Background
(definitions)

Click below for data links:
COP-2005-06-EMB-190 ORDER
COP-2005-12-EMBRAER 190
COP-2007-stats
COP-2008-04-GROWTH
COP-2012-02-A
COP-2012-02-B
COP-2012-02-C
COP-2012-02-D
COP-2012-02-E
COP-2012-02-F
COP-2012-02-G
COP-2012-11 - SKY INTERIOR 500TH
COP-2013-09 - COLOMBIAN OPS
COP-2014-12 - TO SANTA CLARA-A.jpg
COP-2015-02 - NEW LITEMOOD LIGHTING SYSTEM.jpg
COP-CABIN ATTENDANTS FLIGHT CREW - 2012-02
COP-MAINTENANCE MRO
COP-MAP
COP-VISIT PANAMA -A
COP-VISIT PANAMA CITY
COP-VISIT PANAMA-B

FORMED IN 1944 AND STARTED OPERATIONS IN 1947. DOMESTIC, REGIONAL, & INTERNATIONAL, SCHEDULED AND CHARTER, PASSENGER AND CARGO, JET AIRPLANE SERVICES.

ADDRESS:
PO Box 1572
PANAMA 1, (PANAMA), REPUBLIC OF PANAMA

PANAMA (REPUBLIC OF PANAMA) WAS ESTABLISHED IN 1903 AND COVERS AN AREA OF 77,082 SQ KM. IT HAS A POPULATION OF 2.6 MILLION. THE OFFICIAL LANGUAGE IS SPANISH. THE CAPITAL CITY IS PANAMA CITY.

A legacy of colonial control of the Panama Canal, Panama long has been of interest to American retirees. Attractions include a warm climate, appealing health care, a dollar-based economy and relative proximity to the USA.

MAY 1992: SERVICES TO BARRANQUILLA, CALI, CARTAGENA, GUATEMALA CITY, KINGSTON (JAMAICA), MANAGUA, MEDELLIN, MEXICO CITY, MIAMI (MIA), MONTEGO BAY, PORT-AU-PRINCE, SAN JOSE, SAN JUAN, SAN PEDRO SULA (HONDURAS), SAN SALVADOR AND SANTO DOMINGO. MARKETING ALLIANCE WITH TACA (TAC).

JUNE 1992: ACCDT: (COP) 737-204 (JT8D-15A) (22059) CRASHED AT ACCUTI, PANAMA = 7 (FC)-(CA)/40 PASSENGER FATALITIES.

MAY 1994: "WORKING RELATIONSHIP" ESTABLISHED WITH TACA (TAC).

APRIL 1996: JORGE GARCIA, VP TECHNICAL & OPERATIONS; COLN BREEN, DIRECTOR TECHNICAL, EX-AER LINGUS (ARL).

MAY 1996: TO SAN JUAN, PUERTO RICO, VIA SANTA DOMINGO, DOMINICAN REPUBLIC.

JULY 1996: FOR POTENTIAL ADDITIONAL ROUTES, LOOKING FOR +2 737-200'S (TALKING TO PAKISTAN INTERNATIONAL AIRWAYS (PIA)). TO USE AEROMAN (AEM) AT TACA (TAC), EL SALVADOR FOR HEAVY MAINTENANCE.

AS PART OF CODE SHARE WITH AMERICAN AIRLINES (AAL), COPA (COP) IS TO ADD BUSINESS CLASS (C) TO AIRPLANES. TO INSTALL NORDAM HUSHKITS ON 737-200'S.

LOOKING AT BUENOS AIRES, & SANTIAGO ROUTES, IF + 1 727-200.

SEPTEMBER 1996: TO ACQUIRE 2 737-200'S, EX-THAI INTERNATIONAL (TII).

DECEMBER 1996: +2 737-200'S, EX-(TII), WITH "BRIDGING" MAINTENANCE PROGRAM, DONE AT (LAN), BECAUSE NO SPACE AT AEROMAN (AEM), EL SALVADOR.

MAY 1997: TO FLY 737-200 TO SANTIAGO VIA LIMA - LIMITED TO 90 PASSENGERS (PAX). LOOKING AT 737-NG'S, OR A320'S.

AUGUST 1997: HIRES CONSULTANT (THE BAIN COMPANY) TO INVESTIGATE HIGH COST OF MAINTENANCE. ONE RECOMMENDATION IS PULLING HEAVY MAINTENANCE OUT OF AEROMAN (AEM) (TAC). BAIN IS NOTED FOR ITS WORK WITH CONTINENTAL AIRLINES (CAL), AND (AEM). (COP) CURRENTLY PURCHASES QUALITY ASSURANCE & ENGINEERING SERVICES FROM (AEM). ALSO, HIRED AN INDEPENDENT, DESIGNATED ENGINEERING REPRESENTATIVE (DER) TO BRING MAINTENANCE RECORDS UP TO PAR, & TO REVIEW & ORGANIZE THE PLANNING & QUALITY ASSURANCE ORGANIZATIONS.

SEPTEMBER 1997: TO SANTIAGO, VIA LIMA (737-200).

NOVEMBER 1997: 2 737-200'S (21612; 21677), EX-(SOT), (GUI) LEASED.

FEBRUARY 1998: TO CARACAS.

APRIL 1998: 1,260 EMPLOYEES (INCLUDING 80 FLIGHT CREW (FC) & 14 MAINTENANCE TECHNICIANS (MT).

(http://www.copaair.com). (apuech@mail.copa.com.pa).

MAY 1998: CONTINENTAL AIRLINES (CAL) BUYS 49% STAKE IN COPA AIRLINES (COP), INCLUDING CODE SHARE TO MIAMI (MIA), NEWARK, AND HOUSTON.

JUNE 1998: ALLIANCE WITH AVIANCA (AVI) AND (SAM). ALL 3, TO DEVELOP PANAMA CITY AS A HUB FOR CENTRAL AMERICA, AND THE CARIBBEAN.

AUGUST 1998: DROPS ASSOCIATION AND TECHNICAL SUPPORT FROM TACA (TAC).

OCTOBER 1998: NEW ROUTES TO BUENOS AIRES AND SAO PAULO.

LETTER OF INTENT (LOI) 12 ORDERS (1999) 737-700'S, TO REPLACE 737-200'S.

JANUARY 1999: COPA AIRLINES (COP) NOW SERVES 24 POINTS IN 18 COUNTRIES, IN THE AMERICAS. 1998 = >900,000 PASSENGERS.

$400 MILLION, 8 ORDERS (APRIL 1999) 737-700'S. 4 ORDERS 737-700'S, TOMBO (TOM), & GECAS (GEF) LEASED.

APRIL 1999: 1,260 EMPLOYEES (INCLUDING 80 FLIGHT CREW (FC), 170 CABIN ATTENDANTS (CA), & 14 MAINTENANCE TECHNICIANS (MT)).

SITA: PTYDMCM. (proquebert@mail.copa.com.pa).

1ST 737-71Q (29048, HP-1370CMP), TOMBO (TOM) LEASED, MODIFICATIONS AT TRAMCO (BFG).

MAY 1999: 1ST 737-700 OPERATOR IN CENTRAL AMERICA. 1ST AIRPLANE UNVEILS NEW COMPANY IMAGE RESULTING FROM ALLIANCE WITH CONTINENTAL AIRLINES (CAL).

(COP) SERVES 24 DESTINATIONS IN 18 COUNTRIES IN THE AMERICAS.

JUNE 1999: NEW CODE SHARE WITH CONTINENTAL AIRLINES (CAL) INVOLVES SHARING NEW "PRESIDENT'S CLUB" IN PANAMA CITY.

737-71Q (29048, N82521), TOMBO (TOM) LEASED. TO TRAMCO (BFG), FOR POST DELIVERY MODIFICATIONS.

JULY 1999: ADDS ROUTE TO SAN PEDRO SULA, & GUATEMALA CITY.

AUGUST 1999: GABRIELLE DELGADO, DIRECTOR ENGINEERING & QUALITY ASSURANCE, EX-VP MAINTENANCE, AEROPERU (PER).

737-2H6 (22620) RETURNED TO UNICAPITAL.

SEPTEMBER 1999: IN NOVEMBER 1999, NONSTOP TO BUENOS AIRES (737-700).

OCTOBER 1999: 2 737-7V3'S (28607, HP-1371CMP; 30049, HP-1372CMP), GECAS (GEH) LEASED.

JANUARY 2000: 1 737-230QC (20253) SOLD TO SPINNAKER CAPITAL, AIRGROUP, SOLD TO AVTEAM (VTE) (IN FEBRUARY 2000, TO AEROSUCRE (SUS).

1 737-7V3 (30458, HP-1373CMP) DELIVERY.

MARCH 2000: IN JUNE 2000, TO SAO PAULO. BLOCKED CARGO SPACE AGREEMENT, WITH TAMPA (TMP), FOR USA - COLOMBIA, VIA PANAMA. TO LOS ANGELES (LAX) IN JULY 2000.

APRIL 2000: 1,260 EMPLOYEES (INCLUDING 80 FLIGHT CREW (FC), 170 CABIN ATTENDANTS (CA), & 14 MAINTENANCE TECHNICIANS (MT)).

737-7V3 (30459, HP-1374CMP), DELIVERY.

MAY 2000: 737-7V3 (30460, HP-1375CMP), DELIVERY.

JUNE 2000: GABRIEL DELGADO, DIRECTOR ENGINEERING & QUALITY ASSURANCE, RESIGNS.

737-7Y3 (30497, HP-1376CMP) DELIVERY.

AUGUST 2000: 737-2Q8 (22620) RETURNED TO UNICAPITAL (UAG), SOLD TO GARY AIRCAFT (GRH), WHO PLAN TO FIT A VIP INTERIOR.

SEPTEMBER 2000: ANTHONY JOSEPH, MANAGER QUALITY ASSURANCE.

NOVEMBER 2000: SIGNS $27 MILLION, INFORMATION TECHNOLOGY (IT) SERVICES AGREEMENT WITH (EDS) TO MANAGE (IT) NETWORK & CONNECTIVITY BETWEEN CITIES, IT SERVES. (EDS) ALSO HAS A $1.5 BILLION, 8-YEAR, AGREEMENT WITH CONTINENTAL AIRLINES (CAL).

JANUARY 2001: JAIME AGUIRRE, DIRECTOR ENGINEERING & QUALITY ASSURANCE, EX-AVIANCA (AVI).

MAIN BASE: PANAMA CITY (TOCUMEN INTERNATIONAL) AIRPORT.

SERVES 30 DESTINATIONS IN 19 COUNTRIES, IN NORTH, CENTRAL, SOUTH AMERICA, AND THE CARIBBEAN. PROJECTS 1.2 MILLION PASSENGERS IN 2001.

MAY 2001: (FAA) SAFETY OVERSIGHT RATES PANAMA CATEGORY 2.

TO QUITO (737-700, DAILY NONSTOP).

SEPTEMBER 2001: 1ST 6 MONTHS = 537K PASSENGERS.

OCTOBER 2001: FACED WITH WORST CRISIS IN LATIN AMERICAN AVIATION HISTORY, THE HEADS OF 11 MAJOR AIRLINE MEMBERS, OF THE LATIN AMERICAN AIR TRANSPORT ASSOCIATION (AITAL) INCLUDING: (ACE); (AVI); (AMX)/(CMA); (LAV); (AVN); (SEZ); (COP); (LAN); (TAC); (VAR); & (VSP), MET IN MIAMI TO SEEK SOLUTIONS, AND POSSIBLE HELP FROM GOVERNMENTS.

POSSIBLE RETURN OF 737-2H6C (436-21109), TO ILFC (ILF) AND LEASE TO AEROSUCRE (SUS) IN 1/02.

FEBRUARY 2002: ACQUIRES FLIGHT CREW MANAGEMENT SYSTEM FROM (AIMS), MIAMI, FL.

APRIL 2002: 2,000 EMPLOYEES.

(PH: +507 227 2522). (FAX: +507 227 1952).

MAIN BASE: PANAMA CITY - TOCUMEN INTERNATIONAL (PTY).

June 2002: 737-700 (30462, HP-1377CMP) delivery.

July 2002: Serves 29 destinations in 19 countries, in North, Central & South America and the Caribbean. Projects to carry >1.2 Million passengers in 2002.

Jaime Aguirre, VP Maintenance & Engineering, replaces Mario Bravo who returned to Continental Airlines (CAL) after being on loan for last 3 years.

2001 = 1.87B RPK (traffic) (+13.5%); 64% (load factor) LF; 1.77M passengers (PAX) (-.7%); 2,223 employees (+2.3%).

737-700 delivery with winglets, 12C, 112Y. Winglets were installed at Abbotsford, BC, Canada. Winglet-equipped airplanes can carry up to 6,000 lbs more payload, and have reduced engine-maintenance costs. This airplane will be used on routes to Medellin, and Santo Domingo.

2 737-200's (PK213; PK214) returned to lessor.

August 2002: $325M, 4/4 orders (10/03) 737-700's, & 2/2 orders (10/03) 737-800's.

October 2002: 11th 737-7V3 (1221-30463, HP-1379CMP) delivery. Airplane flew to Cascade Aerospace, Abbotsford, Canada, for post-delivery mods, including retrofit installation of (APB) blended winglets. Another in-service 737-700, recently went to TRAMCO (BFG) for (APB) blended winglet installation. (COP) has targeted 8 of 12 airplanes, to have the (APB) winglets installed. The other 4, are leased airplanes, and negotiations are ongoing with lessors, for possible installation.

November 2002: 737-7V3 (1241-30464, HP-1380CA) delivery, painted in special scheme, commemorating the 100th anniversary of the founding of the Republic of Panama. Many special events are planned in Panama next year to commemorate the centenial of Panama's independence from Colombia.

December 2002: Panama City - Sao Paulo (6/week). Panama City - Quito - Guayaquil.

January 2003: In 2/03, code share with Mexican (CMA), Mexico City - Cancun - Panama City. To San Pedro Sula, and Tegucigalpa.

April 2003: 2,300 employees. (proquebert@copaair.com).

In 6/03, Tegucigalpa - Panama City (daily).

May 2003: +10 orders (9/03) 737-700/-800's Aviation Partners Boeing, Performance Blended Winglet shipsets.

September 2003: 2002 = 3.03 Billion RPK (+.9%); +1.2% ASK (capacity); 63.8% LF (-.2); 1.8 Million PAX (+59.4%).

2002 TOP WORLD AIRLINES TRAFFIC RPK (Billion):
135 (CYP) 3.31; 136 (ETH) 3.29; 137 (GOT) 3.22; 138 (MWX) 3.19; 139 (ICE) 3.19; 140 (XIH) 3.14; 141 (IBW) 3.09; 142 (COP) 3.03; 143 (ALG) 2.98; 144 (DAT) 2.97; 145 (APC) 2.87; 146 (EBA) 2.84; 147 (LDI) 2.82; 148 (SIC) 2.82; 149 (MLT) 2.75.

737-7V3 (33707, HP-1520CMP) delivery, equipped with Boeing Vertical Situation Display (VSD) navigational aid. (VSD) creates a visual profile of the airplane's current and projected flight path in relation to ground terrain, rather than the bird's eye view of current systems. Theoretically, it can show pilots what's ahead of them to the range of their maps. But as a practical matter, it is most effective at displaying terrain up to 80 nautical miles in front of the airplane, or about 10 minutes of flight time.

October 2003: 737-7V3 (1379-33708, HP-1521CMP) & 737-8V3 (1387-33709, HP-1522CMP) deliveries.

November 2003: Appoints Focus Aviation to sell its remaining 737-200's (JT8D-15).

January 2004: Expands its code share with Continental Airlines (CAL) from 27 to 127 USA cities.

1 737-700 (30676), (ILF) leased.

April 2004: Contract with Champ Cargosystems for a new Internet-based cargo system called Cargo Handling and Management Planning.

A partnership between Continental Airlines (CAL) and COPA (COP) has emerged to contest Brazil's Grupo Sinergy for control of a reorganized Avianca (AVI).

In 6/04, Panama City - New York (JFK).

(FAA) Safety Oversight awarded Panama its Category 1 rating, meeting international standards for aviation safety.

May 2004: 737-7V3 (1505-33705, HP-1524CMP) delivery.

June 2004: 737-7V3 (33706, HP-1525CMP) delivery. 3 more in 2004 and 1 more in 2005.

July 2004: Continental Airlines (CAL) resumes its code share with Copa (COP), Panama City to Guatemala City, Kingston, Lima, Los Angeles, Managua, Miami, Orlando, San Jose (Costa Rica), San Juan, Santiago, and Santo Domingo.

August 2004: Sold 6 737-200's to an affiliate of Batavia (BTV) (arranged by Focus Aviation).

September 2004: +2 orders (2/06) 737-700's, +1 order (2/05) 737-7V3 (30676, HP-1527CMP), (ILF) leased & 1 order (2/05) 737-800, leased.

October 2004: 2003 = 5M passengers.

10 orders Embraer E190 (CF34).

737-2P5 (1010-23113), returned to Interjet Leasing.

November 2004: 737-2P6 (500-21359, HP-1255CMP), returned to Polaris.

December 2004: 737-7V3 (30676, HP-1527CMP) delivery.

March 2005: Copa Airlines (COP) and AeroRepublica (REU) formed a strategic alliance that includes (COP)'s acquisition of a majority stake in (REU), including technical and commercial collaborative agreements. (REU) will continue to operate independently and will maintain its corporate identity and current workforce. (REU) currently flies 9 airplanes to 11 destinations in Colombia. In 2004, carried >2M passengers.

April 2005: $750 Million 5/10 orders (2/07) 737NG's.

May 2005: Copa Airlines (COP) serves 31 destinations in 20 countries with a fleet of 737's.

Converted 2 options Embraer E190 to firm orders (10/06).

June 2005: SkyTeam Alliance creates its new associate program and selected Air Europa (ARE), Copa Airlines (COP), Kenya Airways (KEN), & Tarom (TRM) with joining process to be completed in 2006. Each has been assigned to a sponsor from the alliance: (ARE) - Air France (AFA); (COP) - Continental Airlines (CAL); (KEN) - (KLM); & (TRM) - Alitalia (ALI).

737-8V3 (29670, HP-1529CMP), ex-Delta Airlines (DAL), Royal Bank of Scotland leased.

August 2005: Code share with GOL (GOT)), Brazil - Panama, starting with Rio de Janeiro & Sao Paulo to Panama City.

November 2005: Copa Airlines (COP) parent Copa Holdings SA filed a registration statement with the USA Securities and Exchange Commission covering a proposed offering of 14 million Class A nonvoting shares by two of its shareholders, Continental Airlines (CAL) and Compania de Inversiones Aereas SA. The international offering will be led jointly by Morgan Stanley and Goldman, Sachs & Company. Copa (COP) estimated the offering will be priced in the range of $15 - $17 per share, raising up to $238 million in gross proceeds for the sellers. Panama-based Copa Airlines (COP) offers some 80 daily scheduled flights to 30 destinations in 20 countries in North, Central and South America and the Caribbean.

Copa Airlines (COP) of Panama took delivery of its first Embraer EMB-190-100A (00012, HP-1540CMP), which will be operated in a two-class configuration with 94 seats. Copa (COP) holds firm orders on a dozen 190s with options on an additional 18. They are scheduled to be delivered through 2008.

December 2005: Continental Airlines (CAL) announced yesterday that it earned $172 million from the sale of 9 million shares of common stock in the Dec 15 Initial Public Offering (IPO) of Copa (COP) Holdings, and that it will contribute $50 million of the proceeds to its pension plans, bringing its 2005 pension contributions to $354 million. Continental (CAL) still owns 12 million shares in Copa (COP).

Volito Aviation of Sweden purchased two 737s from Tombo Aviation (TOM). The six-year-old airplanes will remain on lease to Copa Airlines (COP) until April and June 2009.

E190-100AR's (00016, HP-1550CMP), deliveries.

January 2006: Copa Airlines (COP) launched a second frequency between Panama City and Santiago aboard a two-class, 124-seat 737-700. Copa Airlines added a second daily nonstop flight between Panama City and Guatemala City. It operates two additional flights to Guatemala through Managua. Both flights operate with a 737-700. The airline also runs 2 additional direct flights, a 737-700 making 2 stops and an Embraer E190 making 1 stop.

Copa Airlines (COP) (CEO) Pedro Heilbron is the new president of the Latin American Airline Association's executive committee. He replaces Juan Emilio Posada, who left the position after four years.

February 2006: Copa Airlines (COP) will inaugurate service from Panama to 3 new destinations as follows:
Manaus (Brazil) on June 15th;
Port of Spain (Trinidad and Tobago) on July 7th;
Santiago de los Caballeros (Dominican Republic) on June 15th.
All 3 destinations will be served with the Embraer E190.

March 2006: Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's AeroRepublica (REU), concluded "an excellent year" with yesterday's announcement of a record profit of +$82.7 million for 2005, an increase of +20.6% over a 2004 profit of +$68.6 million, and fourth fiscal quarter net earnings of +$17.4 million, a +46.3% improvement over the +$11.9 million earned in the year-ago period. Copa (COP) credited high demand, improved economic conditions in Latin America and the popularity of its "Hub of the Americas" at Tocumen International Airport for its performance.

Annual revenues surged +52.2% to $608.6 million as expenses increased +58.5% to $503.1 million owing to a +138.7% rise in fuel costs to $149.3 million. Operating income grew +28.1% to $105.5 million.

Fourth-quarter turnover lifted +68.4% to $179.6 million, while expenses increased +70.4% to $156.5 million. Operating profit still rose +56% to +$23.2 million. Passenger traffic more than doubled in the quarter as Copa (COP) carried 1.4 million passengers compared to 616,000 in the year-ago quarter. Passenger traffic (RPM)s increased +64.1% to 1.09 billion against a +62.7% rise in capacity to 1.55 billion (ASM)s. Load factor climbed +0.6 point to 70.2% LF. Yield increased +5.8% to 15.3 cents and (RASM) rose +3.5% to 11.59 cents. Unit costs went up 4.7% to 10.1 cents but dropped 11.7% to 6.77 cents excluding fuel.

The company said it expects to "continue to focus on maintaining a competitive low cost structure, strengthening our hub by growing our network and increasing flight frequencies" in 2006. Copa Airlines (COP) expects to add six airplanes - - two 737NGs and four Embraer E190ARs - - this year, bringing its total fleet to 30. The company expects lower load factors at AeroRepublica (REU). Copa Holdings projects a consolidated annual (RASM) of 11.1 cents, (CASM) excluding fuel of 6.4 cents, and an operating margin of 14.5% - 16%.

Expansion will include five new routes. Copa Airlines (COP) will fly from Panama City to Port of Spain daily from July 7, Manaus daily from July 15, Santiago de los Caballeros daily from July 15, Montevideo 5x-weekly from August 15, increasing to daily in December and San Pedro Sula daily from November 13.

April 2006: Copa Holdings, parent of Copa Airlines (COP) and AeroRepublica (REU), flew 392.5 million consolidated (RPM)s passenger traffic in March, a rise of +23.6% over the year-ago month. Capacity grew +22.8% to 551.8 million (ASM)s and load factor rose +0.5 point to 71.1% LF.

Copa Airlines (COP) exercised options for one (10/09) 737-800 and three (10/07) Embraer E190s, a transaction worth $180 million at list prices. The 737-800 brings Copa (COP)'s 737NG order to eight firm with purchase rights for an additional nine. It will take delivery of the 155-seat 737 in October 2009. The three E190s bring to 15 the number of Copa (COP)'s firm orders and it holds 15 options. The three 94-seat, (GE) (CF32-10E)-powered airplanes are Advanced Range versions and are scheduled for delivery in 2007 and 2008.

May 2006: Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's AeroRepublica (REU), reported first-quarter net income of +$32.2 million, a +42.9% increase over the +$22.6 million earned in the year-ago quarter and a record quarterly result for the company. "We continue to execute both operationally and financially," (CEO), Pedro Heilbron told analysts in a conference call.

Copa (COP) noted that its April 2005 acquisition of AeroRepublica (REU) means year-over-year results are not directly comparable. Still, they demonstrated the rapid growth of a carrier planning to boost its fleet by six airplanes (including two 737NGs) to 30 by year end.

Operating revenues jumped +68.7% to $191.7 million and operating income rose +60.6% to +$41.7 million. Yield climbed +9.3% to 15.6 cents. Traffic grew +56.9% to 1.16 billion (RPM)s on a +58.6% lift in capacity, resulting in a load factor dip of -0.8 point to 71.5% LF and a +6.4% hike in (RASM) to 11.9 cents.

Heilbron said Copa Airlines (COP) will have "greater market penetration" and "increased revenues" for the remainder of 2006 and will continue its aggressive fleet expansion. It has firm orders for 21 airplanes (eight 737NGs and 13 Embraer E190s) and options to purchase an additional nine 737NGs and 15 E190s.

He added that the company is working to enhance the performance of AeroRepublica (REU), which he conceded "did not have the strongest reputation for consistency" when acquired last year and operates airplanes - - five MD-81s, four MD-83s and three DC-9-30s - - that are "too large for the high-frequency domestic market in Colombia." A fleet renewal plan that will see the carrier take delivery of the first two of five E190s on firm order in the fourth quarter will right-size the fleet, Heilbron said. It has purchase options for 20 additional E190s.

Copa Airlines (COP) flew 315.6 million (RPM)s in April, a +38.3% increase over the year-ago month. Capacity climbed +23.5% to 406.9 million (ASM)s and load factor rose +8.3 points to 77.6% LF.

Copa Airlines (COP) plans to launch six-times-weekly (daily except Fridays), Panama City - Maracaibo (Venezuela) flights aboard Embraer E190ARs from July 24.

Amadeus said that travel agencies connected to the Global Distribution System (GDS) now have access to all Copa Airlines (COP) fares, including Web fares.

June 2006: Copa Airlines (COP) flew 309.5 million (RPM)s passenger traffic in May, a +31.3% rise over the year-ago month. Capacity increased +22.6% to 418.4 million (ASM)s and load factor jumped +4.9 points to 74% LF.

Copa Holdings, parent of Copa Airlines (COP) and AeroRepublica (REU), filed a registration statement yesterday with the USA Securities and Exchange Commission for the sale of 6.6 million nonvoting shares held by Continental Airlines (CAL), which would hold a 12.3% stake in Copa (COP) following the sale or 10% if the over-allotment is exercised. Copa (COP) said it will not receive any of the proceeds.

Copa Airlines (COP) said that it has priced Continental Airlines (CAL)'s offering of 6.56 million Class A nonvoting Copa (COP) shares at $21.75 per share. It added that underwriters will have a 30-day option to purchase an additional 984,375 Copa (COP) shares from Continental (CAL) to cover over-allotments, if any.

Copa Airlines (COP) this month took delivery of two 737-700's and two 94-seat, GE (CF34-10E)-powered Embraer E190ARs, bringing its fleet to 27 airplanes. The 737 will be operated on Copa (COP)'s Montevideo route while the E190ARs will be used on flights to Santiago de los Caballeros, Manaus, Maracaibo, San Pedro Sula and Port of Spain.

2 737-7V3 (34535, HP-1530CMP) deliveries. 2 E190-100AR (00034, HP-1557CMP; 00038, HP1558CMP), deliveries.

July 2006: Copa Airlines (COP) flew 311.4 million (RPM)s passenger traffic in June, a +15.3% increase over the year-ago month. Capacity climbed +8.2% to 406.9 million (ASM)s, lifting load factor +4.7 points to 76.5% LF.

Continental Airlines (CAL) said it received $156 million from its recent sale of 7.5 million shares of Class A common stock of Copa Holdings, parent of Copa Airlines (COP). Continental (CAL) will contribute $75 million to its pension plans, bringing its 2006 contribution to $172 million. It still holds 4.4 million shares in Copa (COP).

Copa Airlines (COP) launched 5x-weekly Panama City - Manaus service aboard Embraer E190s.

737-7V3 (34536, HP-1531CMP), delivery.

August 2006: Copa Airlines (COP) flew 372.9 million (RPM)s passenger traffic in July, a +14.2% increase over the year-ago month. Capacity rose +12.1% to 449.3 million (ASM)s and load factor was up +1.5 points to 83% LF.

Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's AeroRepublica (REU), reported second-quarter net income of +$22.9 million, up +51.3% over +$15.1 million earned in the year-ago quarter, on a +39.4% jump in revenues to $191.5 million attributable in large part to Copa (COP)'s acquisition of AeroRepublica (REU) last year, that also contributed to hefty increases in traffic and capacity. The results continue a string of positive quarters for the company, which produced rising profits in both 2004 and 2005 and record quarterly income in the first quarter. They are all the more impressive considering that AeroRepublica (REU) lost -$7.1 million in the most recent quarter.

"Our Copa (COP) segment continues to strengthen," (CEO), Pedro Heilbron said. He added that AeroRepublica (REU)'s results, hurt by high fuel prices and "excessive capacity," will improve with seven Embraer E190s set to be delivered over the remainder of 2006 and 2007. "We believe [the second quarter] was the low point," he said. "We expect a much stronger second half."

The Colombian carrier soon will unveil a "new image" to better reflect its connection to Copa (COP), he noted. In addition, daily Bogota - Panama City flights launched August 3 will create new opportunities to link the two networks.

Operating income for the quarter rose +40.3% to +$28.5 million as yield increased +9% to 15.8 cents, the fifth consecutive quarter of yield growth, and (RASM) lifted +8.1% to 11.7 cents. "We expect yields to remain healthy and steady," Heilbron said. Load factor improved +0.5 point to 69.7% LF as (RPM)s jumped +29.9% to 1.14 billion and capacity grew +29% to 1.63 billion (ASM)s. (CASM) rose +8% to 10 cents but (CASM) excluding fuel, was unchanged at 6.7 cents.

Copa (COP)'s network continues to grow, with Manaus, Santiago de los Caballeros, Maracaibo, San Pedro Sula and Montevideo added in the past five weeks to bring to 35 the number of destinations served. It said yesterday that it will launch five-times-weekly Panama City - Rio de Janeiro flights aboard 737NGs from November 15.

"We continue to be well positioned for another year of strong results," (CFO), Victor Vial said. He raised full-year (RASM) guidance from 11.4 to 11.8 cents.

Copa Airlines (COP) said it will shift its alternate airport from Cartagena Rafael Nunez International to Panama's Howard (AFB), which was turned over by the USA to the Panamanian government in 1999 and has been certified as an international airport. Copa (COP) will begin using Howard in October. It said it will save fuel on flights into Panama and allow higher-capacity 737-800s to be used on several of its longer routes.

September 2006: AeroRepublica (REU) of Colombia is adopting the logo and livery of Copa Airlines (COP). Both carriers are subsidiaries of Copa Holdings. "Our new image combines the best of both companies," said AeroRepublica (REU) (CEO), Robert Junguito. It is Colombia's second-largest domestic airline, offering service to 12 cities plus Copa (COP)'s Panama City hub.

October 2006: COPA Airlines (COP) is the leading Panamanian airline, operating passenger flights to destinations in Central, North, South America, and the Caribbean.

2,400 employees.

(IATA) Code: CM - 230. (ICAO) Code: CMP (Callsign - COPA).

Parent organization/shareholders: Panamanian private investors (51%); & Continental Airlines (CAL) (49%).

Alliances: Continental Airlines (CAL); Cuban de Aviacion (CUB); Gol Transportes Aereos (GOT); Gulfstream International Airlines; Mexicana (CMA); & TACA Interenational Airlines (TAC).

Main Base: Panama City Tocumen International Airport (PTY).

International, Scheduled Destinations: Barranquilla; Bogota; Buenos Aires; Cali; Cancun; Caracas; Cartagena; Guatemala City; Guayaquil; Havana; Houston; Kingston; Lima; Los Angeles; Managua; Medellin; Mexico City; Miami; New York; Newark; Orlando; Port-au-Prince; Quito; San Andres Island; San Jose; San Juan; San Salvador; Santiago; Santo Domingo; Sao Paulo; & Tegucigalpa.

Groundforce announced five new ground handling contracts. Its deal with Clickair (CLK) covers the provision of all ramp handling services to March 2009 at Lisbon and Porto. It signed a deal with Emirates (EAD) for ramp handling at Barcelona until November 2009, while LatCharter (LAJ) signed a three-year contract with Groundforce Morocco for full handling services at Fez, Casablanca, Marrakech and Agadir. It also will provide full handling service on an ad-hoc basis for AtlasJet (ABE) for two years at the same four airports. Finally, Groundforce Mexico was contracted by Copa Airlines (COP) to provide ramp handling services at Mexico City.

November 2006: Copa Airlines (COP) flew 349.2 million (RPM)s passenger traffic in October, a +27.1% lift over the year-ago month. Capacity rose +22.1% to 461.8 million (ASM)s and load factor climbed +3 points to 75.6% LF.

Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's AeroRepublica (REU), posted third-quarter net income of +$37.2 million, widened +34.6% from a +$27.7 million profit in the year-ago quarter, on a +29.6% jump in revenues to $230.6 million.

The growing company said the quarter was its best ever in terms of earnings. Copa Airlines (COP) added five new destinations in the quarter and plans to launch Panama City - Rio de Janeiro service next month. It will take delivery of two Embraer E190s before year end, bringing its fleet to 30 airplanes.

Third-quarter operating income was +$45.2 million, up +25.4% over $36.1 million in the year-ago quarter. Combined traffic of the two carriers grew +19.6% to 1.35 billion (RPM)s on a +16.8% lift in capacity to 1.78 billion (ASM)s, producing a load factor of 75.4% LF, up +1.8 points. (RASM) rose +12% to 12.2 cents, while (CASM) climbed +11.6% to 12.9 cents and (CASM) excluding fuel increased +9% to 7.0 cents. Copa (COP) said the average price it paid per gallon of jet fuel was $2.33 compared to $1.95 in the year-ago quarter.

Copa Holdings (COP) announced that it has arranged a loan of US$240 million from (DVB) Bank, Natexis Transport Finance and NORD/LB to provide financing for the purchase of 10 new Embraer E190's, due for delivery in 2006 and 2007. The company stated that the junior tranche is to be financed by Natexis Transport Finance and NORD/LB and the three mandated lead arrangers would finance the senior tranche. The loan would finance airplanes scheduled to be delivered both to Copa Airlines (COP) and AeroRepublica (REU).

The airlines of Latin America and the Caribbean region are enjoying strong traffic demand and face a bright future, Merrill Lynch airline analyst, Michael Linenberg told attendees at the third annual Latin American Airlines Leaders Forum sponsored by Asociacion Latinoamericana de Transporte Aereo (ALTA) in Cancun.

"The [stock] market has recognized opportunities in Latin America," Linenberg said, pointing to the successful Initial Public Offerings (IPO)s of Copa Airlines (COP), Gol (GOT), (LAN) Airlines and TAM (TPR)over the past decade and the strong stock performance. He noted that Latin American traffic growth, at +6.9% per year, "is second only to China," while +4% (GDP) growth for the region is slightly ahead of the world average.

He compared the situation to the one USA airlines enjoyed in the 1960s, a period he described as "the golden era" of the USA airline industry, with strong growth matched by strong profitability. Airline equities "were the tech stocks" of the period, he said.

Also at the conference, (ALTA) Chairman & Copa Airlines (CEO), Pedro Heilbron noted that while the Latin America/Caribbean region generates just 4.9% of world airline passengers, its population is 9.2% of the world total, suggesting ample room for additional growth. Traffic growth has exceeded +12% in each of the past two years, and although it was down nearly -1% through the first nine months of 2006, this was owing to Varig (VAR)'s downsizing. Excluding Varig (VAR), growth would be around +9%. Domestic traffic represents 67% of the total, with intra-region traffic accounting for 16%.

Among the challenges facing the region's airlines is improving safety, which (ALTA) is addressing by mandating that members pass an (IATA) Operational Safety Audit. Fuel costs also are an issue. Carriers pay an average of +15% more for their fuel than those in North America and Europe, Heilbron said. Airport and air navigation charges also are a concern.

Nevertheless, air transport in the region "is a growing industry at a rate above other parts of the world," he concluded. (ALTA) has more than doubled its membership since 2003, growing from 15 airlines to 33, Executive Director Alex, de Gunten said.

E190 (00053, HP-1559CMP), delivery.

December 2006: Copa Airlines flew 367 million (RPM)s passenger traffic in November, up +29.5% over the year-ago month. Capacity (ASM)s climbed +20.8% to 461.6 million, and load factor rose +5.3 points to 79.5% LF.

Copa Airlines (COP) took delivery of its 6th E190 (00056, HP-1560CMP), which will seat 94 passengers in a two-class configuration.

January 2007: Copa Airlines (COP) flew 398.5 million (RPM)s passenger traffic in December, up +30% from the year-ago month. Capacity rose +24.1% to 502.1 million (ASM)s and load factor was ahead +3.6 points to 79.4% LF.

February 2007: Copa Airlines (COP) flew 416.6 million (RPM)s passenger traffic in January, up +30.5% from the year-ago month. Capacity climbed +21.9% to 504.5 million (ASM)s and load factor rose +5.5 points to 82.6% LF.

The SkyTeam (STM) alliance announced that it signed agreements with Air Europa (ARE), Copa Airlines (COP), and Kenya Airways (KEN) "indicating the carriers are on track for official Associate Airline status." Signing ceremonies were held in the capital of each airline's home country. The trio will add 25 destinations to SkyTeam (STM)'s network.

March 2007: Copa Holdings, parent of Copa Airlines (COP) and AeroRepublica (REU), said it posted record net income of +$134.2 million in 2006, up +61.7% from $83 million the prior year, on a +39.9% jump in revenue to $851.2 million. "We continue to see solid economic growth in the region and we continue to see solid passenger growth," (CFO), Victor Vial said. Fourth-quarter net income was +$41.8 million, more than double the +$17.7 million earned in the year-ago quarter. Full-year operating income jumped +51.8% to +$166.9 million from +$109.2 million in 2005. Traffic increased +31.2% to 5.02 billion (RPM)s on a +28.1% lift in capacity to 6.87 billion (ASM)s, raising load factor +1.7 points to 73.1% LF. Yield was ahead +8% to 16 cents as (RASM) climbed +9.2% to 12.4 cents and (CASM) lifted +6.9% to 10 cents. (CASM), excluding fuel, was 6.8 cents, up +4%.

Copa (COP), which is on track to become an associate member of SkyTeam (STM) Alliance later this year, said it will continue to be "aggressive" in adding capacity. It projects 2007 capacity in the range of 8.2 billion (ASM)s, which would be a +19.2% increase. (RASM) is projected to be in the range of 12.6 cents and load factor for the year is projected at 74% LF.

April 2007: Copa Airlines (COP) flew 411.9 million (RPM)s passenger traffic in March, a +24.2% increase from the year-ago month. Capacity climbed +19.7% to 503.5 million (ASM)s and load factor rose +3 points to 81.8% LF.

Copa Airlines (COP) will launch 737-700 service from Panama City to Washington Dulles (daily) and Punta Cana (2x-weekly) on July 15.

May 2007: Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's Aero Republica (REU), reported a first-quarter net profit of +$48.6 million, up +50.5% over the +$32.3 million posted in the year-ago period, on a +26.6% jump in revenue to $242.7 million. The record earnings were driven by the rapid growth of Copa Airlines (COP), which continues to add capacity aggressively and expand a route network that will total 42 destinations by year end. (CEO), Pedro Heilbron pointed to Copa (COP)'s "strength of network," saying, "We have an increasing number of unique destinations where we're by far the best option to connect to the rest of Latin America." In the second half of 2007, it will add Cordoba, Guadalajara, Port of Spain, Punta Cana and Washington Dulles.

First-quarter operating income rose +45.6% to $60.8 million. Consolidated traffic surged +23.5% to 1.43 billion (RPM)s on a +15.8% increase in capacity to 1.87 billion (ASM)s, lifting load factor +4.8 points to 76.4% LF. (CFO), Victor Vial said Copa Airlines (COP)'s capacity will increase +23% to +24% for the full year. Regarding future fleet growth, it has firm orders for 10 737NGs and nine E190s. It currently operates 30 737-700s, four 737-800s and six E190s. Aero Republica (REU), which took delivery of three E190s in the first three months of the year, has an additional four on firm order.

First-quarter consolidated yield was ahead +3.3% to 16.1 cents as (RASM) lifted +16.3% to 13 cents and (CASM) rose +4.8% to 9.7 cents. (CASM), excluding fuel, was up +5.8% to 6.7 cents. "Demand has been steady," Vial said. "We're maintaining strong yields and see in the future a strong yield environment."

Copa Airlines (COP) announced an order for four 737-800s valued at $282 million for delivery in 2011 and 2012. The Panamanian carrier already operates 24 737NGs and now has 10 on order. Copa (COP) operates four of the world's longest 737 routes from its Panama City hub to Buenos Aires, Santiago, Sao Paulo and Los Angeles.

June 2007: Copa Airlines (COP) flew 373.1 million (RPM)s passenger traffic in May, up +20.6% from the year-ago month. Capacity rose +18.3% to 495.1 million (ASM)s, lifting load factor +1.4 points to 75.4% LF.

Copa Airlines (COP) said it will add frequencies to eight destinations from its Panama City hub for the summer season. Flights to San Jose and Guatemala City will increase to 35x-weekly from 28; to Managua to 28x-weekly from 21; to San Salvador to 14x-weekly from seven; to Orlando International to 11x-weekly from six; to Miami to 20x-weekly from 14; to Cancun to 10x-weekly from five, and to Lima to 21x-weekly from 14. Copa projects capacity will increase 23% to -24% (ASK)s for full-year 2007.

Starting August 15th, Panama City - Cordoba, using 737-700s.

Singapore Technologies Aerospace announced that subsidiary Panama Aerospace Engineering commenced operations. The first airplane to enter the facility, constructed at a former USA military base, was a Copa Airlines (COP) 737-700 in for a "4C" check and additional modifications.

Copa Airlines (COP) took delivery of its seventh 94-seat E190, bringing its total fleet to 31 airplanes, including 24 737NGs. It plans to take five additional (CF34-E5)-powered E190s this year.

E190 (00089, HP-CMP1561), delivery.

July 2007: Copa Airlines (COP) flew 385.4 million (RPM)s passenger traffic in June, a +23.8% rise from the year-ago month. Capacity was up +21.6% to 494.9 million (ASM)s and load factor climbed +1.4 points to 77.9% LF.

Copa Airlines (COP) launched daily Panama City (PTY) - Washington Dulles flights aboard a two-class, 124-seat 737-700. It also started operating a twice-weekly, (PTY) - Punta Cana flight.

Copa Airlines (COP) and Aeromexico (AMX) unveiled a codeshare agreement starting August 1. Initially, Copa (COP) will place its code on (AMX) flights from Mexico City to 17 Mexican destinations, while the latter will place its code on Copa (COP) flights from Panama City to Mexico City, Cancun and Guadalajara.

Singapore Technologies Aerospace (ST Aero) has secured regulatory approval for its new maintenance, repair and overhaul (MRO) facility in Panama, which has just inducted its first aircraft from anchor customer Copa (COP). The Singapore-headquartered (MRO) group says in a statement, that Panama Aerospace Engineering inducted its first airplane on 12 May after receiving certification from Panama’s Autoridad Aeronautica Civil. The first airplane is a 737-700 from Copa (COP) and it will have a ‘4C’ check performed as well as additional modifications. ST Aero announced early last year, that it planned to open an (MRO) facility in Panama, and later in the year was contracted by Panamanian carrier Copa (COP) to provide maintenance services on its 22 737-700/800s. Panama Aerospace Engineering is located at the former Howard Air Force Base in Panama. ST Aero has said the new wholly owned facility will have four hangars capable of accommodating 12 narrowbody airplanes simultaneously. ST Aero also has (MRO) operations in Asia, Europe and the USA.

737-8V3 (35068, HP-1532CMP), and E190-100 IGW (00095, HP-1562CMP), deliveries.

August 2007: Copa Airlines (COP) flew 466.8 million (RPM)s passenger traffic in July, a +25.2% increase from the year-ago month. Capacity rose +22.2% to 548.9 million (ASM)s, lifting load factor +2 points to 85% LF.

Copa Holdings, parent of Panama's Copa Airlines (COP) and Colombia's Aero Republica (REU), reported second-quarter net income of +$30.9 million, up +34.9% over +$22.9 million earned in the year-ago quarter, but said its rapid expansion will be slowed slightly. Revenue grew +22.9% to $235.3 million, while operating income rose +36.8% to +$39 million from +$28.5 million last year. (CEO), Pedro Heilbron, while expressing satisfaction with the results, warned that the carrier's fast growth and rising profits will be challenged by high fuel prices, costs associated with entering new long-haul markets, a more competitive pricing environment in Central America owing to fare reductions by TACA (TAC) and "global demand for pilots (FC)."

Heilbron said Copa Airlines (COP)'s capacity growth will be +21% for full-year 2007, down from a previously planned +25%. "The biggest problem we've had has been the time it takes to recruit and train new pilots (fc) we need in the pipeline," he explained. "That's why we're scaling back some of our growth, to give us more time to have the complete group of pilots (FC) ready." Copa (COP) plans to take delivery of three E190s and one 737-800 during the rest of 2007, bringing its fleet to 37 airplanes.

Consolidated second-quarter traffic rose +18.3% to 1.35 billion (RPM)s on a +15.3% lift in capacity to 1.88 billion (ASM)s, producing a load factor of 71.6% LF, up +1.8 points. Yield was ahead +4.1% to 16.4 cents, as (RASM) increased +6.6% to 12.5 cents, while (CASM) climbed +4.5% to 10.4 cents. (CASM) excluding fuel, was 7.3 cents, up +8%.

Copa Airlines (COP) will launch 4x-weekly Panama City - Port of Spain flights on December 15 aboard an E190.

737-7V3 (35058, HP-1532CMP) and 2 E190s (0098, HP-1563CMP; 0100, HP-1564CMP), deliveries.

September 2007: Copa Airlines (COP)'s traffic increased +20.5% in August to 441.2 million (RPM)s, on a +21.1% rise in capacity to 565.6 million (ASM)s, producing a load factor of 78% LF, down -0.4 point. Sister carrier, Aero Republica (REU)'s traffic decreased -2.8% for the month to 88.4 million (RPM)s on a +3.1% lift in capacity to 149.5 million (ASM)s, producing a load factor of 59.2% LF, down -3.6 points.

Air Europa (ARE), Copa Airlines (COP), and Kenya Airways (KEN) officially became SkyTeam (STM) Alliance's first "associate airlines," which the alliance said grows its network by 47 additional destinations and nearly 500 additional daily flights. SkyTeam (STM) Alliance associate airlines will enjoy many of the benefits of full membership, such as linking loyalty programs, sharing airport lounges and "seamless" flight connections to (STM) Alliance carriers. But the associates will operate under the direction of a sponsor member, that represents their interests in all decision-making regarding the alliance and serves as the liaison between associate and alliance members. "Our entry into SkyTeam (STM) Alliance . . . effectively increases the reach of our network across the globe," Copa (COP) (CEO), Pedro Heilbron said. "Our passengers will connect seamlessly between Copa Airlines (COP) and our SkyTeam (STM) Alliance partners using a single ticket."

October 2007: Copa Airlines (COP) flew 407.4 million (RPM)s passenger traffic last month, a +19.5% increase over the year-ago month. Capacity climbed +24.8% to 561.7 million (ASM)s and load factor fell -3.2 points to 72.5% LF.

(KLM) and Copa Airlines (COP) signed a codeshare agreement covering flights beyond their Amsterdam and Panama City hubs effective March 30. (KLM) will launch 3x-weekly service between the hubs that day.

November 2007: Copa Airlines (COP) and AeroRepublica (REU) parent, Copa (COP) Holdings, reported net earnings of +$46.8 million in the third quarter, a +25.7% increase over the +$37.2 million posted in the year-ago period. The result was boosted, however, by a +$8 million pre-tax gain, related to insurance proceeds stemming from the July runway overrun, that destroyed an AeroRepublica (REU) E190 in Santa Marta. Company revenue during the quarter, climbed +14.7% year-over-year to $264.6 million, but operating income rose just +3.3% to +$46.7 million from +$45.2 million in the third quarter of 2006. Copa (COP)'s operational performance slipped during the period. It flew 1.57 billion (RPK)s passenger traffic, up +16.3% year-over-year, against a +18% increase in capacity to 2.1 billion (ASK)s, that dropped load factor -1.1 points to 74.4% LF. Yield fell -1.6% to 15.9 cents, unit revenue was down -2.7% to 12.6 cents, and (CASM) lowered just -0.4% to 10.4 cents. (CASM), excluding fuel, declined -0.2% to 7 cents.

The company added six airplanes during the quarter - - one 737-800 and three E190s at Copa Airlines (COP), and AeroRepublica (REU)'s fourth and fifth E190s.

Nine-month net profit of +$126.3 million represented a +36.7% rise over the +$92.4 million earned in the year-ago period, while operating income climbed +26.9% to +$146.5 million.

737-7V3 (35067, HP-1533CMP), and E190 (0126, HP-1565CMP), deliveries.

December 2007: Copa Airlines (COP) flew 419.9 million (RPM)s passenger traffic in November, up +14.4% from the year-ago month. Capacity rose +16.1% to 535.7 million (ASM)s, and load factor fell -1.1 points to 78.4% LF.

Copa Airlines (COP) secured financing from Private Export Funding Corp for the purchase of two 737-800s, for which preliminary commitments for comprehensive long-term USA Export-Import Bank guarantees have been obtained, the carrier said. Lead arranger was J P Morgan Securities. The airplanes are worth $146 million at list prices and are scheduled for delivery in May and November 2008.

January 2008: Copa Airlines (COP) flew 450.5 million (RPM)s passenger traffic in December, up +13.1% from the year-ago month. Capacity rose +15.1% to 577.9 million (ASM)s and load factor dropped -1.4 points to 78% LF.

2007 statistics: 8.05 billion (RPK)s passenger traffic +22.8%; +22.6% capacity (ASK)s; +.1 load factor for 77.9% LF.

SEE ATTACHED COMPARISON CHART TO SELECTED OPERATORS - "COP-2007-STATS."

Copa Airlines (COP) started daily, Panama City - Port of Spain service on an E190.

February 2008: Copa Airlines (COP) flew 484.7 million (RPM)s passenger traffic last month, up +16.4% over the year-ago month. Capacity climbed +17.4% to 592.1 million (ASM)s, and load factor slipped -0.7 point to 81.9% LF.

Copa Airlines (COP) and AeroRepublica (REU) parent Copa (COP) Holdings reported full-year net income of +$160.4 million for 2007, up +19.9% from +$133.8 million earned in 2006. Operating revenue climbed +20.7% to $1.03 billion and operating income, adjusted to include special charges related to the early termination of leases on five AeroRepublica (REU) MD-80s, rose +18.5% to $196.8 million, from $166.6 million.

The two airlines flew a combined 5.86 billion (RPM)s passenger traffic last year, up +16.8% over 2006, against a +15.3% increase in capacity to 7.92 billion (ASM)s. Load factor rose +1 point to 74% LF and yield was up +3.6% to 16.5 cents. Unit revenue increased +4.7% to 13 cents and (CASM) climbed +6% to 10.6 cents. Excluding fuel, unit costs grew +4.9% to 7.1 cents. The Copa (COP) mainline ended the year with a fleet of 37 airplanes while the Colombian subsidiary concluded 2007 with a fleet of 13. The group took delivery of 14 units last year.

In the fourth quarter, Copa (COP) reported a profit of +$34.1 million, down -17.7% from +$41.5 million earned in the final three months of 2006. Adjusted operating income dipped -2.7% to +$49.3 million from +$50.7 million on a +19.9% increase in operating revenue to $284.6 million.

April 2008: Copa Airlines (COP) flew 466.4 million (RPM)s passenger traffic in March, up +13.2% from the year-ago month, against a +15.5% hike in capacity to 581.5 million (ASM)s. Load factor slipped -1.6 points to 80.2% LF.

For details on Copa Airlines (COP) growth plans, see details in attached - - "COP-GROWTH-2008-04."

E190 (0165, HP-1566CMP), delivery.

May 2008: Healthy loads and yields helped Copa Airlines (COP) and AeroRepublica (REU) parent, Copa Holdings mitigate the impact of rising fuel costs in the first quarter, when it suffered a relatively mild -18.7% decline in net income to +$39.5 million from +$48.6 million in the year-ago period. Results, the company characterized as "strong," were boosted by a +21.9% year-over-year increase in operating revenue to $295.9 million. Operating income slipped -14.9% to +$51.7 million from +$60.8 million, as fuel costs climbed $21.7 million.

The airlines flew 1.62 billion (RPM)s passenger traffic during the quarter, up +13.5%, against a +11.2% climb in (ASM)s to 2.08 billion. Load factor rose +1.6 points to 78% LF. Yield was up +7.2% to 17.3 cents and unit revenue rose +9.6% to 14.2 cents. (CASM) increased +20.7% to 11.8 cents.

With the arrival of its 12th E190 last month, Copa Airlines (COP) currently operates 38 airplanes. Its Colombian partner, which achieved (IATA) (ITA) Operational Safety Audit (IOSA) certification last month, flies 13.

Copa (COP) controlling shareholder (CIASA) reached agreement with Continental Airlines (CAL) to waive a provision of its 2006 shareholders agreement, that restricts (CAL)'s right to sell its remaining shares of Copa (COP)'s class "A" common stock. (CAL) "will have the flexibility to sell its remaining shares" once a registration statement set to be filed with the USA Securities and Exchange Commission becomes effective.

E190 (0174, HP-1567CMP), delivery.

June 2008: Copa Airlines (COP) flew 456.2 million (RPM)s traffic in May, up +22.3% year-over-year, against a +17.2% increase in capacity to 580.1 million (ASM)s. Load factor rose +3.3 points to 78.7% LF.

Naverus won a deal with Copa Airlines (COP) to develop a Required Navigation Performance (RNP) program aimed at advancing satellite integration with its 737NG systems.

737-7V3 (35125, HP-1534CMP), delivery.

July 2008: Copa Airlines (COP) flew 481.1 million (RPM)s traffic in June, up +24.8% year-over-year, against a +21% increase in capacity to 598.6 million (ASM)s. Load factor rose +2.5 points to 80.4% LF.

Copa Airlines (COP) will launch Panama City - Valencia, and five-times-weekly, Panama City - Belo Horizonte on August 21, and four times weekly, Panama City to Aruba using E190s.

Copa Airlines (COP) placed a firm order for two additional 737-800s for delivery in 2010 and 2011, increasing the total number of 737NGs it has on order to nine. Its fleet currently is comprised of 27 737NGs and 13 E190s. Its 737-800s seat 16 in business class (C) and 144 in economy (Y).

August 2008: Copa Airlines (COP) flew 534.8 million (RPM)s traffic in July, up +14.6% year-over-year, against a +15.2% rise in (ASK)s to 632.3 million. Load factor dipped -0.5 point to 84.6% LF.

Copa Airlines (COP) and Aero Republica (REU) parent, Copa Holdings reported second-quarter net income of +$30.4 million, down -1.5% from +$30.9 million in the year-ago period, as its aggressive expansion continued to pay off even in the face of high fuel costs. Copa (COP) said the "strong results" were reflective of fast-growing revenue that allowed it to maintain "its position among the world's most profitable airlines" even as fuel costs rose by +$37 million year-over-year. Operating revenue soared +26.6% to $297.9 million and operating income was +$31.2 million, down -20% from +$39 million last year.

Traffic increased +15.8% to 1.56 billion (RPM)s on a +11.3% rise in capacity to 2.09 billion (ASM)s, producing a load factor of 74.5% LF, up +2.9 points. Yield lifted +9.6% to 18 cents, as (RASM) escalated +13.7% to 14.2 cents, and (CASM) grew +22.1% to 12.7 cents. (CASM), excluding fuel, rose +6.9% to 7.8 cents. Copa Airlines (COP) took delivery of two EMB-190s and one 737-800 in the quarter, bringing its fleet to 40 airplanes. By year end, it will serve 45 destinations in 24 countries.

(COP) was the only carrier in the world so far to report double-digit operating margins for its second quarter (Q2), and demand is holding strong.

Copa Airlines (COP) unveiled an expansion plan that includes addition to its network later this year of Belo Horizonte in Brazil, Oranjestad in Aruba, Valencia in Venezuela, and Santa Cruz in Bolivia. All will be served from Panama City and will bring its network to 45 destinations by year end.

October 2008: Copa Airlines (COP) flew 472.5 million (RPM)s traffic in September, up +16% year-over-year, against a +11.1% rise in (ASM)s capacity to 624.1 million. Load factor jumped +3.2 points to 75.7% LF.

Copa Airlines (COP) took delivery of its 14th E190. It also operates 27 737NGs.

November 2008: Copa Airlines (COP) flew 489.1 million (RPM)s in October, a +20.6% year-over-year increase. Capacity rose +15.4% to 648.7 million (ASM)s, lifting load factor +3.2 points to 75.4% LF.

Copa Airlines (COP) 1st 9 months = 5.66 billion (RPK)s (+15.1%).

Copa Holdings, parent of Copa Airlines (COP) and AeroRepublica (REU), reported third-quarter net income of +$30.3 million, down -35.6% from a +$46.8 million profit in the year-ago period, a drop it attributed almost entirely to noncash fuel hedge losses. Copa (COP) took a $15.5 million noncash charge on its hedging contracts owing to the drop in oil prices during the quarter. Absent the charge, its quarterly net profit would have been +$45.8 million.

It said it is continuing its growth strategy and is planning to take delivery of two E190s in the current quarter to bring its fleet to 42 airplanes (15 E190s and 27 737NGs). A 737NG slated to be delivered in the current quarter has been pushed back to the 2009 first quarter, owing to the recently concluded Boeing machinists' strike. AeroRepublica (REU) operates an additional nine E190s as well as four MD-80s.

Third-quarter revenue rose +31.8% year-over-year to $348.9 million, and operating income increased +4.3% to +$57.1 million. Consolidated traffic heightened +13.7% to 1.78 billion (RPM)s on a +9.3% lift in capacity to 2.3 billion (ASM)s, leading to a +3% rise in load factor to 77.3% LF. Yield grew +16.5% to 18.6 cents, as (RASM) increased +20.6% to 15.2 cents, and (CASM) rose +23.1% to 12.7 cents. (CASM) excluding fuel, lifted +5.1% to 7.3 cents.

December 2008: Copa Airlines (COP) flew 484.2 million (RPM)s traffic in November, up +15.3% from the year-ago month. Capacity rose +17.1% to 627.1 million (ASM)s and load factor fell -1.2 points to 77.2% LF.

January 2009: Copa Airlines (COP) flew 530.1 million (RPM)s traffic in December, up +17.7% year-over-year, against a +22% climb in capacity (ASM)s to 705 million. Load factor was down -2.8 points to 75.2% LF.

Copa Airlines (COP) announced a firm order for four 737-800s for delivery "within the next three years." It now has 13 737s on order, plus options, and currently operates 27 737NGs and 15 E190s.

February 2009: Copa Airlines (COP) flew 568.6 million (RPM)s traffic in January, up +17.3% from the year-ago month. Capacity rose +20.9% to 715.9 million (ASM)s and load factor dropped -2.4 points to 79.4% LF.

Copa Holdings, parent company of (COP) and Aero Republica (REU), announced financial results for the fourth quarter (4Q) of 2008 and full year 2008:

- - Copa Holdings reported net income of +$51.9 million for (4Q) 2008, as compared to net income of +US$35.5 million in (4Q) 2007. Excluding special items, which for (4Q) 2008 include a $12.2 million non-cash charge associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $64.1 million.

- - Net income for full year 2008 reached +$152.2 million, compared to $161.8 million for full year 2007. Excluding special items, which for 2008 include a $20.2 million non-cash charge associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $172.4 million.

- - The Company reported record operating income for (4Q) 2008, reaching $84.0 million, a +95.5% increase compared to operating income of US$43.0 million recorded in (4Q) 2007. Operating margin increased +9.2% points, from 15.1% in (4Q) 2007 to 24.3% in (4Q) 2008, mainly due higher unit revenues.

- - The Company reported operating income of +$224.0 million for full year 2008, a +13.4% increase as compared to operating income of +$197.5 million in 2007. Operating margin for 2008 reached 17.4%, one of the best margins in the airline industry.

- - Total revenues for (4Q) 2008 increased +21.6% to 346.1 million. Yield per passenger mile increased +6.0% to 18.5 cents and operating revenue per available seat mile (RASM) increased +5.8% to 14.6 cents.

- - For (4Q) 2008 consolidated passenger traffic grew +15.5% while capacity increased 15.0%. As a result, consolidated load factor for the quarter increased +0.3 percentage points to 74.1% LF.

- - Operating cost per available seat mile (CASM) decreased -5.7%, from 11.7 cents in (4Q) 2007 to 11.0 cents in (4Q) 2008. (CASM), excluding fuel costs and special items, decreased -5.4% from 7.6 cents in (4Q) 2007 to 7.2 cents in (4Q) 2008, mainly due to lower average commissions.

- - The Company ended the year with a strong cash position, totaling $408.1 million in cash, short term and long term investment, which represent approximately 32% of last twelve months´ revenues. This figure includes $47.3 million in restricted cash, of which $39.7 million are collateral for out-of-money hedge contracts related to future quarters. Additionally, the company has committed lines of credit totaling $31.1 million.

- - In (4Q) 2008, (COP) began service to three new destinations: Oranjestad (Aruba), Valencia (Venezuela) and Santa Cruz (Bolivia). (COP)'s network currently serves 45 destinations in 24 countries in the Americas - - by far, the most extensive network for intra-Latin American travel.

- - During (4Q), (COP) took delivery of two Embraer E190 airplanes. (COP) ended the year with a fleet of 42 airplanes, consisting of 27 737s and 15 Embraer E190 aircraft. Copa Holdings ended the year with a consolidated fleet of 55 airplanes.

- - For 2008, (COP) reported on-time performance of 87.5% and a flight-completion factor of 99.6%, maintaining its position among the best in the industry. Additionally, Aero Republica (REU)'s on-time performance came in at 84.2%, leading the Colombian market, both in domestic and international on-time performance.

Copa Airlines (COP) took delivery of its 43rd airplane, a 160-seat 737-8V3 (35126, HP-1535CMP).

March 2009: Copa Airlines (COP) flew 485.6 million (RPM)s traffic in February, up +9.9% from the year-ago month. Capacity rose +15.7% to 627.2 million (ASM)s and load factor fell -4.1 points to 77.4% LF.

(COP) doesn’t have a large cargo business, and is shielding it from the downturn in global goods trading.

April 2009: Copa Airlines (COP) flew 485.6 million (RPM)s traffic in March, a +9.9% increase year-over-year, against a +15.7% rise in capacity to 627.2 million (ASM)s. Load factor dropped -4.1 points to 77.4% LF.

May 2009: Copa Airlines (COP) and Aero Republica (REU) parent, Copa Holdings reported a +$71.6 million profit in the first quarter, up an impressive +81.3% from the +$39.5 million earned in the year-ago period. Operating revenue climbed +4.3% year-over-year to $308.8 million but unit cost fell -16% to 9.9 cents and -11% to 6.8 cents excluding fuel. Operating income of +$68.9 million was a +33.3% improvement over the +$51.7 million reported last year. (COP) said it recorded both a +$16.2 million non-cash gain and a -$19.9 million loss on its fuel hedges during the quarter. (COP)/(REU) flew 1.81 billion consolidated (RPM)s, up +11.6%, against a +17% lift in capacity to 2.43 billion (ASM)s. Load factor slipped -3.6 points to 74.4% LF and yield was down -6.2% to 16.2 cents. Unit revenue declined -10.8% to 12.7 cents. (COP) concluded the quarter with 27 737NGs and 15 E190s, while (REU) operated 11 EMB-190s and four MD-80s.

(COP) confirmed that it will leave the SkyTeam (STM) alliance on October 24 along with Continental Airlines (CAL).

June 2009: Copa Airlines (COP) flew 445.6 million (RPM)s traffic in May, a -2.3% drop year-over-year. Capacity rose +18.4% to 686.9 million (ASM)s and load factor plunged -13.8 points to 64.9% LF.

July 2009: Copa Airlines (COP) signed up for +13 additional 737-800s, an order worth approximately $1 billion at list prices. The (COP) commitment also includes eight options and brings to 27 the number of 737NGs (COP) has on firm order. Delivery of the 13 new airplanes is scheduled to run from 2012 into 2015, with the eight options available between 2015 and 2017. The airplanes will be outfitted with Boeing (TBC)'s Sky Interior, designed to mimic the more modern cabin of the 787.

(COP) said the USA Export-Import Bank offered a final commitment for financing two 737-800s scheduled for delivery this year and preliminary commitments covering 10 additional airplanes for delivery in 2010 through 2012. (COP) has 25 737NGs on order from Boeing (TBC).

August 2009: Copa Airlines (COP) flew 566.6 million (RPM)s traffic in July, a +5.9% increase year-over-year, against a +15.4% lift in capacity to 729.4 million (ASM)s. Load factor fell -6.9 points to 77.7% LF.

Copa Holdings, parent of Copa Airlines (COP) and Aero Republica (REU), posted second-quarter net income of +$55.2 million, a +81.3% increase over a +$30.4 million profit in the year-ago period that was aided by a $27.1 million non-cash mark-to-market fuel hedge gain.

But the profit increase was notable considering that May/June passenger traffic was "negatively affected as a result of the H1N1 flu crisis, which resulted in lower overall demand for intra-Latin America travel, especially to and from Mexico," (COP) said. The Panama City-based company estimated that its second-quarter revenue was reduced by about -$12 million, owing to the swine flu scare.

Second-quarter revenue declined -6.8% to $277.6 million, while operating income was +$36.8 million, up +17.8% over +$31.2 million last year. Consolidated traffic rose +7.5% to 1.68 billion (RPM)s on a +16.5% lift in capacity to 2.45 billion (ASM)s, resulting in a 68.7% LF load factor, down -5.7 points. Yield fell -13.3% to 15.6 cents as (RASM) lowered -20% to 11.4 cents and (CASM) decreased -22.5% to 9.9 cents. (CASM) ex-fuel dipped -9.1% to 7.1 cents.

(COP) ended the quarter with a fleet of 58 airplanes, including 28 737NGs and 15 E190s operated by (COP) and 11 E190s and four MD-80s operated by (REU). It said it has secured loan guarantees from the USA Export-Import Bank to finance two 737NGs to be delivered this year. It added that it also has "preliminary commitments" from Ex-Im Bank to support the delivery of 10 airplanes from 2010 to 2012.

ST Aerospace signed a three-year maintenance service agreement with Copa Airlines (COP) covering maintenance, repair and overhaul (MRO) of (COP)'s fleet of 28 737NGs and 15 E190s as well as an additional 11 E190s operated by subsidiary, Aero Republica (REU). The contract, an extension of a previous accord signed three years ago that allowed ST Aerospace to launch services in Panama, commences immediately and is valued at $18.5 million.

October 2009: Copa Airlines (COP) expects to make a decision whether to follow Continental Airlines (CAL) into the Star Alliance (SAL) fairly soon, (CEO), Pedro Heilbron said on the sidelines of the (SAL)-(CAL) joining event at Newark. (COP) has a very close partnership with (CAL), a former investor in (COP), so much so that it also left the SkyTeam (STM) alliance on October 24. Heilbron said (COP) has two choices: "To remain independent or join the (SAL)." The Oneworld (ONW) alliance is not an option, owing to the need to remain in partnership with (CAL).

November 2009: Copa Airlines (COP) flew 570.2 million (RPM)s traffic in October, up +16.6% year-over-year. Capacity increased +7.3% to 696.3 million (ASM)s, lifting load factor +6.5 points to 81.9% LF.

(COP) and AeroRepublica (REU) parent, Copa Holdings reported third-quarter net income of +$43.1 million, up +87.4% from a +$23 million profit in the year-ago quarter, an increase it attributed to "a solid and resilient business model based on developing the most comprehensive and convenient network for intra-Latin America travel and a very competitive cost structure." It recorded a $5.1 million non-cash fuel hedge gain and a $14.6 million charge related to the retirement of four MD-80s as AeroRepublica (REU) transitions to an all E190 fleet. Excluding these special items, its quarterly net profit would have been +$52.6 million.

Third-quarter revenue declined -7.2% to $323.7 million and operating income fell -19.6% to $45.9 million from $57.1 million in the 2008 third quarter. Consolidated traffic grew +8.4% to 1.93 billion (RPM)s on a +10.9% increase in capacity to 2.55 billion (ASM)s. Load factor fell -1.9 points to 75.8% LF. Yield decreased -14.5% to 15.9 cents as (RASM) sank -16.5% to 12.7 cents and (CASM) slid -14.2% to 10.9 cents. Copa Airlines (COP) ended the quarter with 28 737s and 15 E190s, while AeroRepublica (REU) had 11 E190s and one MD-80.

December 2009: Copa Airlines (COP) flew 552.9 million (RPM)s traffic in November, up +14.2% year-over-year, against a +7.8% lift in capacity (ASM)s to 675.8 million. Load factor rose +4.6 points to 81.8% LF.

(COP) announced an order for an additional two 737-800s scheduled for delivery in the second half of 2010. In July, the carrier placed an order for 13 737-800s for delivery in 2012 to 2015, plus eight options for 2015 to 2017 delivery. (COP) did not say how the new delivery positions became available or whether the two new firm orders represented option conversions.

(COP) puts these 737-800s to good use operating them on some of the longest 737 routes in the world, including those from Panama to Buenos Aires, Los Angeles, Montevideo, Santiago, and Sao Paulo.

737-8V3 (36544, HP-1538CMP), Aviation Capital Group (CGP) leased.

January 2010: 2 737-8V3s (35127, HP-1536CMP; 36550, HP-1537CMP), deliveries.

February 2010: Copa Airlines (COP) and Aero Republica (REU) parent, Copa Holdings reported a +$240.4 million profit for 2009, more than double the +$118.7 million earned in the prior year. The 2009 result included a $19.4 million charge related to the retirement of four MD-80s and Aero Republica (REU)'s transition to an all E190 fleet, as well as a $58 million non-cash gain on the company's fuel hedges. Full-year operating revenue dipped -2.8% to $1.25 billion, while operating profit slipped -0.3% to +$223.3 million.

The company flew 7.4 billion consolidated (RPM)s traffic last year, up +10.1%, against a +12.1% lift in capacity to 9.91 billion (ASM)s. Load factor declined -1.3 points to 74.6% LF. Yield dropped -11.5% to 16 cents, while (RASM) fell -13.2% to 12.6 cents. Unit cost was cut -13.7% to 10.4 cents and (CASM) excluding fuel dipped -1.5% to 7.4 cents.

Fourth-quarter profit soared +173.5% to +$70.4 million from +$25.8 million in the year-ago period despite a -0.9% slide in revenue to $343 million. Operating income was down -14.6% year-over-year to $71.8 million.

(COP) said it expected a $21 million first-quarter charge related to new exchange rates set by the Venezuelan government. It serves Caracas, Maracaibo, and Valencia, and Aero Republica (REU) flies to Caracas. (COP) and (REU) ended the year with a combined fleet of 56 airplanes.

March 2010: Datalex reached agreement with Copa Airlines (COP) to provide its Travel Distribution Platform supporting (COP)'s website.

737-8V3 (29667, HP-1539CMP), Aviation Capital Group (CGP) leased.

May 2010: Copa Holdings, parent of Copa Airlines (COP) and Aero Republica (REU), reported first-quarter net income of +$36.7 million, down -48.7% from a +$71.6 million profit in the year-ago period, on a +8.6% lift in revenue to $335.2 million. It said its net income was affected negatively by a $19.8 million charge related to the devaluation of the Venezuelan currency and a $400,000 non cash charge associated with mark-to-market fuel-hedge contracts. Operating income was +$70.8 million, up +2.8% from +$68.9 million last year.

(COP)/(REU)'s combined traffic increased +11% to 2.01 billion (RPM)s on a +3.2% rise in capacity to 2.51 billion (ASM)s, producing a load factor of 80% LF, up +5.6 points. Yield lowered -1.9% to 15.9 cents as (RASM) heightened +5.2% to 13.4 cents and (CASM) increased +6.8% to 10.5 cents. (CASM ex-fuel grew +8.5% to 7.4 cents. Copa (COP) took delivery of three 737-800s in the quarter while Aero Republica (REU) retired its last MD-80, leaving Copa Holdings with a fleet of 58 airplanes as of March 31.

Copa Airlines (COP) took delivery of its fourth and fifth 737-800s, two of eight it expects to receive in 2010. The airplanes will seat 16C in business class and 144Y in economy.

2 737-8V3s (40663, HP-1711CMP; 40664, HP-1712CMP) delivered.

July 2010: Copa Airlines (COP) flew 533.8 million (RPM)s traffic in June, up +10.6% year-over-year, against a +9% lift in capacity to 728.9 million (ASM)s. Load factor lifted +1.1 points to 73.2% LF.

August 2010: Copa Holdings, parent of Copa Airlines (COP) and Aero Republica (REU), reported net income of +$18.6 million in the second quarter ended June 30, down -66.3% compared to earnings of +$55.2 million in the year-ago period.

Excluding special items, primarily mark-to-market fuel hedges, net income in the current period totaled +$26.3 million, compared to +$28.1 million in the year-ago period. Quarterly revenues rose +9.3% year-over-year to $303.4 million on a +5% rise in capacity, while operating income was +$32.5 million, down -11.6% compared to operating income of +$36.8 million last year.

The company said that yield declined -2.5% to 15.2 cents. However, a +4.4-point rise in load factor helped boost passenger (RASM) +3.7% to 11.1 cents, while total (RASM) climbed +4.1% to 11.9 cents. Operating expense per (ASM) increased +7.1% to 10.6 cents, while (CASM) excluding fuel, rose +4.3% to 7.4 cents.

Commenting on the outlook for the rest of 2010 during the company's quarterly investor webcast, (CEO), Pedro Heilbron said, "For the second half of the year, the company expects marginally stronger unit revenues than in the first half of the year on a significant capacity expansion. This will be the main driver of second-half revenue growth. Lower ex-fuel unit costs, mainly coming from the added capacity, should result in operating margin expansion and should allow us to come through with yet another year of outstanding financial results."

September 2010: Copa Holdings’ August load factor dipped -0.9% points to 75% LF, as a +13.5% year-on year rise in capacity to 985.9 million (ASM)s generated a +12.2% increase in traffic to 739.9 million revenue passenger miles.

The company’s Panamanian division Copa Airlines recorded a one-point drop in its loads to 75.2% LF on +15% more supply, which grew to 839.8 million (ASM)s, while Colombia-based, Aero Republica (REU) posted a -0.4-point decline to 74.4% LF on a +5.5% increase in capacity to 146.1 million (ASM)s.

Copa Airlines (COP) will launch 2x-weekly, Panama City - St Martin service on December 18.

October 2010: Copa Holdings September load factor declined -4.9% points, compared with the same month last year, due to oversupply at the operator’s Copa Airlines (COP) division. The Panama-based carrier added +17.3% to the 676.4 million (ASM)s capacity recorded in September 2009. Traffic, however, grew just +8.3% to 563.5 million (RPM)s, producing a load factor of 71% LF, down -5.9 points.

Copa Holding’s newly renamed Copa Airlines Colombia (REU) unit,
previously known as "Aero Republica" (REU), at the same time
generated +10.5% more traffic on a +9.7% increase in supply to 132.8 million (ASM)s. Load factor as a result grew 0.5 points to 67% LF. Combined, these two divisions produced a load factor of 70.5% LF on a +16.1% rise in consolidated capacity to 926.1 million (ASM)s and a +8.6% increase in traffic to 652.4 million (RPM)s.

November 2010: Copa Airlines (COP) announced it has signed lease agreements for 10 737-800s, five for delivery in 2011 and five in 2012. The airplanes will be leased from (GECAS) (GEF) (5), BOC Aviation (SIL) (3), and Aviation Capital Group (CGP) (2). Including these leases, (COP) said it now has “firm orders and delivery commitments for 33 airplanes, all of which are 737-800s.”

(COP) (CEO), Pedro Heilbron said that with these new leases, (COP) will bolster its 2011 and 2012 network expansion plans and strengthening its regional hub leadership. "This capacity ramp-up coincides with the expected conclusion of Panama's Tocumen airport expansion, which will increase our airport capacity by more than >50% by mid-2011," he said.

(COP) said the new airplanes will be outfitted with Boeing's signature "Sky Interior," featuring new 787-style modern sculpted sidewalls and windows. The airplanes will also include Boeing (TBC)'s performance improvement package that recently entered certification testing.”

The Star Alliance (SAL) took yet another step in its dynamic expansion by announcing it has officially invited Avianca (AVI) - TACA (TAC) and Copa Airlines (COP) to join the grouping. “The addition of these two quality airline groups concludes a strategic process which increases the alliance’s footprint in the vibrant, growing economies of Latin America,” (SAL) (CEO), Jaan Albrecht said. The two airline groups will add +46 new destinations and five new hubs in Latin America to what Albrecht called “Star (SAL)’s worldwide web.”

Copa Airlines (COP) and Copa Airlines Colombia (REU), formerly Aero Republica, operate hubs in Panama City and Bogota and the Avianca (AVI) - TACA (TAC) group operates hubs in Bogota, San Salvador, Lima and San Jose (Costa Rica).

Albrecht said that the inclusion of (COP) and (AVI) - (TAC) should not infer that the (SAL) alliance is anticipating Latin American member TAM Airlines (TPR)’s departure from the group but rather as the culmination of a strategic process to extend (SAL)’s reach in the region. (TPR) joined in May but in August announced it reached a merger agreement in principle with Oneworld (ONW) alliance member (LAN) Airlines, opening the possibility for the new merged entity to move to the (SAL) or to Oneworld (ONW). “Our clients told us that we had a white spot in our coverage, [namely] in Central America, the Caribbean and the northern and western regions of South America. (COP) and (AVI) - (TAC)’s networks are complementary to (TAM)’s (TPR),” Albrecht noted. He recognized that the pending merger of (TPR) and (LAN) does create “new challenges” and that it is the first time there is a cross-alliance merger in Latin America. But, he stressed, “We are aggressively looking forward to their discussions and we will make the best proposal.” He also noted that the wooing of (COP) started over a year ago with the addition of Continental Airlines (CAL), which subsequently merged with United Airlines (UAL). (COP) left the SkyTeam (STM) alliance together with its partner (CAL) in October last year. The “new” United (UAL)/(CAL) will mentor (COP)’s entry process and Lufthansa (DLH) will support (AVI) - (TAC). Both groups said they anticipate they will become full members in 18 months.

“(COP)’s membership in the Star (SAL) Alliance will enhance our global reach as we implement strong partnerships with its 27 carriers and link Latin America’s most efficient hub, our Hub of the Americas in Panama City, to (SAL)´s vast global network,” said (COP) (CEO), Pedro Heilbron. (COP) and (REU) serve 52 destinations in 25 countries aboard 34 737NGs and 26 E190ARs.

For (AVI) - (TAC) (CEO), Fabio Villegas, the group’s joining of the Star (SAL) Alliance is “a determining factor for our competitive strategy that will enable us to leap forward in terms of the scope and scale of the benefits provided to our passengers.” (AVI) - (TAC), which consolidated several smaller Latin American carriers, agreed to a strategic merger in October 2009, creating a combined network serving some 128 destinations in the Americas and Europe. The group operates a fleet of 118 airplanes and expects to carry more than >17.9 million passengers this year. Revenue is over >$3 billion. (TAC)’s initial request for (SAL) membership dates back to 2008.

Copa Airlines (COP) signed an agreement to acquire as many as 32 more 737-800s in what (COP) is describing as the largest new airplane order in its history. (COP) says the order, which includes (CFM56-7BE) engines and 787-style “modern” interiors—is valued at about $2.6 billion at Boeing (TBC) list prices, but is not saying what it actually is paying. The order includes 10 options, although (COP) clearly plans to exercise them. “These 32 airplanes, which will be delivered between 2015 and 2018, are an integral part of our medium-term growth plan,” (COP) (CEO), Pedro Heilbron said.

In the past two years, (COP) has bought 37 737-800s from Boeing (TBC) and signed leasing agreements for an additional 10. By the end of this year, (COP)’s fleet will grow to 63 airplanes, 37 of which will be 737 Next Generation airplanes. With this order, (COP) could take delivery of an additional 68 in the next seven years, including 22 that would be delivered in 2011 and 2012. (COP) usually uses
Export-Import Bank financing for deliveries.

Copa Holdings, the parent of Copa Airlines (COP) and the newly re-branded Copa Airlines Columbia (REU), recently reported a 19.5% operating margin and a +$63.9 million profit for the third quarter. That’s up +5.4% points and 48.2%, respectively, year-over-year. It expects capacity to increase +17 to +19% in 2011, with the introduction of 10 higher-gauge 737-800s accounting for about a third of that increase; the other contributors will be new service, more frequencies and a longer average stage length. Most of the 2011 expansion coincides with the completion of a new terminal in May at Tocumen International Airport in Panama City, which (COP) promotes as the “best connecting point for intra-Latin America travel.”

January 2011: Copa Airlines (COP)'s (RPK) traffic grew +22% last month on +20% more (ASK) capacity; includes Colombian unit (REU).

(COP) has added Panama City - St Maarten to its network last month.

(COP)’s 2011 expansion plan, which should add almost +20% to (COP)'s capacity, will include a major boost in operations, starting in June when it adds three new routes, bolsters frequencies on five city pairs, and transitions to a six-bank operation at its hub airport at Panama City Tocumen International Airport. The new routes scheduled for June consist of 4x-weekly non-stops from Panama City to Nassau International Airport, the Bahamas; Toronto Pearson International Airport, Canada; and Brazil’s Porto Alegre International Airport. At the same time, an additional frequency will be added to (COP)’s services to Santiago, Chile; Colombia’s capital Bogota; Lima, Peru, and Orlando and Miami, Florida. “Thanks to these new destinations and the increase in frequencies from our Hub of the Americas in Panama City, (COP) continues to expand its coverage and reaffirm its leadership in Latin America and the Caribbean,” says (CEO), Pedro Heilbron in a statement. “The increase in flight frequencies will allow us to significantly improve our daily arrival and departure schedules to offer better connectivity, more flight options and more frequent connections throughout the day. In fact, some destination will now have up to six daily frequencies,” he adds. (COP)’s expansion will be aided by the June 15 addition of two flight banks to the four operating at Tocumen, a system that can impose lengthy connections for some passengers. “These operational changes also translate to significant improvements in (COP)’s flight schedules to major destinations on the American continent, such as New York [John F Kennedy International Airport] and Dulles International Airport in Washington, DC, as well as to South America’s principal cities,” notes (COP). “Opportunities for connection will increase throughout (COP)’s extensive route network as well, resulting in shorter connecting times, giving (COP) a firm foothold as the best choice for connectivity and convenient travel schedules,” it continues.

(COP), which transported more than >5.2 million passengers through Tocumen in 2010, expects to add +10 737-800 airplanes to its fleet this year.

February 2011: Copa Holdings, parent of Panama's Copa Airlines (COP) and Copa Airlines Colombia (formerly Aero Republica) (REU), posted 2010 net income of +$212.1 million, down -11.8% from a +$240 million profit in 2009. But it noted that 2009 net results benefited from a +$58 million non-cash gain owing to fuel hedging, and net income excluding special items rose from +$201.7 million in 2009 to +$219.2 million in 2010.

Fourth-quarter net income was +$92.8 million, up +31.8% from a +$70.4 million profit in the 2009 December period, on a +19.7% lift in revenue $410.6 million.

"Copa Holdings' strong fourth-quarter and full-year results are the product of a solid and well executed business model based on operating the best and most convenient network for intra-Latin America travel," (COP) said in a statement. It projects year-over-year consolidated capacity growth of around +20% (ASM) for 2011 "as a result of the full year effect of capacity added in 2010 and the introduction of 10 additional 737-800 airplanes during 2011." Copa Airlines (COP) took delivery of three 737-800s in the fourth quarter to bring Copa Holdings' consolidated fleet to 63 airplanes at the end of 2010 comprising 20 737-700s, 17 737-800s and 26 Embraer E190s.

Full-year revenue increased +12.6% to $1.41 billion, while expenses heightened +11.5% to $1.15 billion, producing operating income of +$263 million, up +17.8% over an operating profit of +$223.3 million in 2009.

Full-year traffic increased 13.8% to 8.42 billion (RPM)s on +10.5% growth in capacity to 10.95 billion (ASM)s, leading to a load factor of 76.9% LF, up +2.2 points. Yield dipped -1.1% to 15.9 cents as (RASM) edged up +1.9% to 12.9 cents and (CASM) rose +0.9% to 10.5 cents. (CASM) ex-fuel lowered -1.5% to 7.2 cents. (COP) noted that (RASM) is expected to decrease approximately -4% year-over-year in 2011 "mainly as a result increased length of haul and capacity expansion."

March 2011: COPA Airlines (COP) will launch 4x-weekly, 737-700 Panama City - Brasilia service on June 18.

April 2011: Copa Airlines launched a mobile website, available at http://www.copaair.com, allowing travelers to access electronic boarding passes from smartphones or other portable electronic device. (COP) said it is the first airline to offer the service in North America. The service will be available immediately at Tocumen International Airport in Panama.

May 2011: Copa Holdings, parent of Panama's Copa Airlines (COP) and Copa Airlines Colombia (REU) (formerly Aero Republica), reported first-quarter net income of +$94.5 million, more than double the +$42.6 million earned in the year-ago period, as strong sales growth more than offset a near +50% rise in fuel expense. Excluding special items, (COP) said it would have reported net income of +$82 million, a +30.9% increase over adjusted income of +$62.7 million in the 2010 period.

The company said results "were positively impacted by strong demand trends which resulted in a robust increase in passenger traffic and average fares." Operating revenues rose +24.7% to $423.1 million, while operating expenses climbed +23.4% to $322.1 million, primarily driven by a +48.6% increase in fuel costs. Operating profit of +$101 million was up +29.2% from +$78.2 million last year.

The number of passengers carried rose +12% to 1.65 million, while (RPM)s climbed +20.5% to 2.42 billion as average stage length rose +7.8% to 967 miles. Yield climbed +3.9% to 16.7 cents per (RPM). Capacity jumped +24.5% to 3.1 billion (ASM)s and (RASM) was virtually flat at 13.6 cents. Operating cost per (ASM) declined =0.9% to 10.3 cents. (CASM) ex-fuel decreased -9.5% to 6.6 cents.

Copa Airlines (COP) took delivery of two 737-800s during the quarter, boosting its fleet to 65 airplanes. It will add a total of 10 airplanes this year, resulting in a fleet of 20 737-700s, 27 737-800s and 26 Embraer E190s for a total of 73 airplanes. As a result of these additions, capacity is expected to grow by approximately +20%.

The company said that owing to strong demand, "which has resulted in higher fares and fuel surcharges, unit revenues are now expected to come in at 13.2 cents, more than >+7% above previous guidance and more than >+2% higher than (RASM) for full year 2010.” (CASM) ex-fuel is expected to be 6.6 cents "significantly below 2010 levels” and it projects an operating margin in the range of 18% to 20% for 2011.

June 2011: Copa Airlines (COP) announced plans to launch service to Chicago O'Hare; Cucuta, Colombia; and Asuncion, Paraguay in December, bringing total destinations added in 2011 to seven. It commences service to four destinations on Wednesday: Toronto Pearson; Nassau; Brasilia; and Porto Alegre. On the same day, (COP) will add two connecting banks at its Panama City Hub of the Americas, raising the total to six.

"Copa Airlines (COP) is one of the most successful and fastest-growing airlines worldwide,” (CEO), Pedro Heilbron said. “We have a long record of steady and profitable growth, having established our position as a leader in Latin American aviation by providing the best connectivity in the region, and superior operational performance and customer service.”

O’Hare will be served daily using a 737-700; Cucuta 4x-weekly with an Embraer E190, and Asuncion, four-times weekly with a 737-700). In total, (COP) expects to increase capacity by approximately +20% in 2011, serving 57 destinations in 28 countries at year end.

Parent, Copa Holdings recorded first-quarter net income of +$94.5 million this year, up from +$42.6 million profit in the year-ago-period, despite a +50% rise in fuel expenses. (COP) announced its expansion plans while celebrating its fifth year anniversary of trading on the New York Stock Exchange.

August 2011: Copa Airlines (COP) and TAME Ecuador (TAM) have signed a code share agreement. It will initially include Quito - Panama, and Guayaquil - Panama service, but will later expand to include flights to the interior of Ecuador as well as to the entire Latin American region.

October 2011: 737-8V3 (38140, HP-16724CMP), delivery.

November 2011: Copa Holdings, parent of Copa Airlines (COP) and Copa Airlines Colombia (REU) (formerly Aero Republica), posted third-quarter net income of +$70.3 million, nearly on par with a +$71.5 million net profit earned in the prior-year period. (COP) said full-year consolidated capacity will be +21% higher than full-year 2010 capacity, while 2012 capacity will increase another +20%.

The growth is made possible by the addition of 10 737-800s this year and another 10 of the type expected to join the fleet in 2012.

Third-quarter revenue leaped +31.3% year-over-year to $476.8 million, while expenses increased +38.2% to $374.7 million, including a +58.8% spike in airplane fuel costs to $145.8 million. Operating profit was +$102.2 million, up +38.2%. Net income fell slightly owing to a -$19.8 million mark-to-market loss on fuel hedging.

Third-quarter traffic increased +21.6% to 2.66 billion (RPM)s on a +19.1% rise in capacity to 3.45 billion (ASM)s, producing a load factor of 77.1% LF, up +1.6 points. Yield rose +9.1% to 17.2 cents.

Copa Airlines (COP) (CEO), Pedro Heilbronn confirmed that Copa (COP) and Avianca (AVI)-Taca (TAC) will join the Star Alliance (SAL) in April 2012. Heilbronn said, “We hope that Star Alliance (SAL) carriers from overseas will fly into Panama City (PTY), but so far, nothing is concrete right now.”

Earlier this year, (COP) increased arrival/departure banks to 6x-daily at its "Hub of the Americas" in (PTY) airport. Heilbronn said (COP) will add 10 737-800s next year as some 737s are paid off and could be parked, if necessary, he said.

(COP) showed no interest in the 737-900 series. Heilbronn also ruled out adding a long-haul fleet connecting (PTY) with Europe or Asia. “We have still many destinations available to expand in North and South America,” he said.

December 2011: New flights for Copa Airlines (COP) this month to Asuncion, Chicago O'Hare, Cucuta, and Montego Bay.

February 2012: SEE ATTACHED "AIRLINER WORLD" ARTICLE - - "COP-2012-02-A/B/C/D/E/F/G."

Copa Holdings, parent of Copa Airlines (COP) and Copa Airlines Colombia (REU) reported 2011 net income of +$310.4 million, up +28.8% over a +$241.1 million net profit in 2010.

The fast-growing airline company boosted consolidated 2011 capacity +21.9% year-over-year to 13.35 billion (ASM)s, and plans to increase capacity by another +22% in 2012. Traffic in 2011 grew +21.2% to 10.2 billion (RPM)s. Load factor was 76.4% LF, down -0.5 point.

Yield rose +7.8% to 17.1 cents, while operating margin lifted +0.5 point to an impressive 21%. Owing to rising fuel prices, profit margin is expected to dip to 18% to 20% in 2012.

Full-year 2011 revenue jumped +29.3% compared to 2010 to $1.83 billion, while expenses heightened +28.4% to $1.45 billion, including a +54.3% rise in airplane fuel costs to $546.9 million. Operating profit in 2011 was +$384.7 million, up +32.8%.

(COP) took delivery of two 737-800s during the 2011 fourth quarter. Copa Holdings ended the year with a consolidated fleet of 73 airplanes comprising 20 737-700s, 27 737-800s, and 26 Embraer E190s.

March 2012: Copa (COP) currently operates a fleet of 73 airplanes to more than >70 destinations in North, Central and South America and the Caribbean.

1 737-800 (GECAS) (GEF) leased.

April 2012: Copa Airlines (COP) will introduce Iquitos (IQT) into its route network July 14, with two nonstop weekly services out of its Panama City (PTY) hub.

(COP) said it sees (IQT) as a great opportunity to bypass Lima and provide direct international service, due to the leisure travel appeal of the Amazon and (PTY)’s location for connecting services to destinations such as Toronto, New York, Miami, and the Caribbean, (COP) General Manager Peru, José Luis Agüero said.

“Our interest in exploring new destinations is coincidental to the Peruvian government’s interest in opening a second international gateway into Peru,” Agüero said. (COP) expects to board some 5,000 passengers to the new destination within the year.

(COP) is also introducing a fifth weekly (PTY) - Lima frequency.

May 2012: Copa Holdings, parent of Panama's Copa Airlines (COP) and Copa Airlines Colombia (REU), posted first-quarter net income of +$95.9 million, up +1.6% over a net profit of +$94.4 million in the prior-year period.

The company continued its fast pace of growth, increasing first-quarter traffic +22.4% year-over-year to 2.95 billion (RPM)s on a +22.8% rise in capacity to 3.83 billion (ASM)s, producing a load factor of 77.2% LF, virtually flat year-over-year. Yield heightened +6.4% to 13.7 cents.

Quarterly revenue jumped +29.5% to $543.3 million, while expenses rose +34.9% to $431.7 million, including a +47.1% increase in airplane fuel costs to $170.9 million. Operating income was +$111.6 million, up +12%.

June 2012: Avianca (AVI)-Taca (TAC) and Copa Airlines (COP) (with subsidiary, Copa Colombia (REU)) became Star (SAL) Alliance members this month.

Star (SAL) Alliance (CEO), Mark Schwab said the addition of the new airlines “strengthens our presence in the rapidly growing Latin American market. Our customers now enjoy increased connectivity across the Americas by connecting through five new (SAL) Alliance hubs right in the middle of the American continent," he said.

Fast-growing Copa Airlines (COP) is eyeing further expansion this year of its Panama City airport (PTY) hub.

(COP) (CEO), Pedro Heilbronn said that a strong economy, ideal geographic location and increasing Latin American passenger traffic have all played a part in (COP)’s enormous growth.

(COP)’s Hub of the Americas is undergoing a $100 million terminal expansion, called Muelle Norte, to open 12 additional gates. “This enables our growth for the next three to five years,” Heilbronn said. Another terminal expansion, Muelle Sur, which is scheduled to open in August, will add 20 gates. “Nevertheless, the hub could become more complex and complicated,” he said, pointing out that 50% of (COP) passengers transfer in (PTY).

“We have become [a] leading airline in Latin America and are serving markets via Panama,” Heilbronn said, adding that (PTY) could be a hub for overseas Star (SAL) Alliance members such as Lufthansa (DLH).

He noted that 40% of its destinations were added just in the last five years. Five additional cities, which could include Las Vegas and Recife, Brazil, will join the network this year.

Heilbronn said (COP) has 38 airplanes scheduled for delivery through 2018. (COP) and Copa Colombia (REU) will operate 83 airplanes by the end of this year, 90 in 2013 and 94 in 2014.

Controlling costs are key for the airline, according to (CFO), Victor Vial. “40% of our operating costs are for fuel. We improved fuel burn by +2%, - - that’s a lot,” he said.

(COP)’s 2011 capacity grew +22% year-over-year. “We added nine new destinations, 10 737-800s, and increased our time banks in (PTY) from four to six times,” Vial said. (COP) operates 1,800 weekly departures.

Between 2006 and 2011, departures from (PTY) increased from 179 to 274 daily flights. “Last year, our revenue grew +29% by adding +22% additional capacity,” Vial added.

July 2012: On 14 July, Copa (COP) inaugurated flights to the second (after Lima) Peruvian destination from its hub in Panama (PTY). The largest city in the Peruvian rainforest and the capital of Loreto Region, Iquitos (IQT) is also the world’s largest city that cannot be reached by road. Copa (COP)’s new service, which is the airport’s only international link, is offered with 2x-weekly frequencies and operated using E190s. Norma Córdova, Regional Director for Foreign Trade, Tourism & Handicrafts, said: “Expectations are high: a comprehensive strategic plan is in place to boost the region’s tourist and commercial appeal in Panama”. This includes a workshop session ‘Río Amazonas’ to be held in Panama in August in cooperation with Copa (COP) and Promperú, the country’s agency for tourism and foreign trade promotion.

(GE) Aviation (GEC) signed a 15-year OnPoint solution agreement with Copa Airlines (COP) for the maintenance, repair and overhaul (MRO) of 112 (CFM56-7B) engines powering its 737-700 and 737-800 airplanes.

August 2012: Copa Holdings reported second-quarter net income of +$32 million, down -22.4% from a +$41.2 million profit in the year-ago period.

Revenues rose +20.6% to $515.8 million, while expenses increased +25.5% to $443.2 million, producing an operating profit of +$72.6 million, down -2.7% from a +$74.6 million operating profit in the prior-year quarter.

Traffic rose +20.3% to 2.9 billion (RPM)s on a +24.8% increase in capacity to 3.9 billion (ASM)s, producing a load factor of 73.5% LF, down -2.8 points.

Yield rose +1.2% to 17.2 cents as (RASM) increased +3.3% to 13.1 cents and (CASM) increased +0.6% to 11.3 cents. (CASM) ex-fuel was flat at 6.9 cents.

In June, Copa Airlines (COP) became a member of the Star (SAL) Alliance and in the second quarter took delivery of five 737-800s and returned two leased 737-700s, bringing its total fleet to 80.

September 2012: 737-8V3 (40780, HP-1825CMP - - SEE PHOTO - - "COP-737-8V3 LOGOJET - 2012-09), delivery.

November 2012: Copa Holdings, parent of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU), posted third-quarter net income of +$111.9 million, up +59.1% from a +$70.3 million net profit earned in the year-ago period. The company cited strong demand trends (resulting in solid load factors and yields, despite significant capacity expansion) for the improved earnings.

Third-quarter revenue jumped +24.5% year-over-year to $590.4 million, while expenses increased +27% to $476.4 million, producing an operating profit of +$114.1 million, up +14.9%. Fuel costs increased +28.1% to $186.8 million. The company said it had fuel hedges in place, representing 37% of its consolidated volume in the third quarter.

Third-quarter traffic increased +23.8% year-over-year to 3.29 billion (RPM)s on a +26.6% rise in capacity to 4.37 billion (ASM)s, producing a load factor of 75.4% LF, down -1.7 points. Yield rose +1.1% to 17.3 cents.

During the quarter, (COP) took delivery of two 737-800 airplanes, and ended the quarter with a consolidated fleet of 82 airplanes.

Going forward, Copa Holdings said it will “continue to strengthen its long-term competitive position by taking advantage of new growth opportunities and implementing initiatives to further strengthen its network and product.” The company updated its 2012 guidance, calling for “consolidated capacity growth of +24%, which is slightly higher than our previous forecast of +23%.”

Delivery of 737-800 on lease from Aviation Capital Group (CGP) has 500th Sky Interior - - SEE ATTACHED - - "COP-2012-11 - SKY INTERIOR 500TH."

December 2012: Copa Airlines (COP) increased its Panama City - Cancun service to 5x-daily, on December 4. (COP) started operating this route with 5x-weekly service in 2000.

January 2013: Copa Airlines (COP) will launch daily, Panama City - Boston service on July 10.

March 2013: Copa Holdings, parent of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU), has appointed Director Planning, Jose Montero as its new (CFO). He replaces longtime Copa (COP) (CFO), Victor Vial who has held the post since 2000. Montero will officially assume (CFO) responsibilities March 15.

(COP) (CEO), Pedro Heilbron noted Vial has been a key figure guiding the Panama City-based airline’s aggressive expansion. Fast-growing (COP)’s capacity was up +19.1% year-over-year, through the first two months of 2013.

Montero has been with (COP) since 1993, serving as Director of Planning for the past nine years. (COP) said Vial “will continue his involvement with the company as advisor to the board of directors.”

April 2013: Rockwell Collins has signed a service and support agreement with Copa Airlines (COP) for Maintenance Repair & Overhaul (MRO) of Rockwell Collins avionics on (COP)’s fleet of more than >50 737 airplanes. The five-year, price-per-flight-hour contract provides (COP) with a guaranteed (MRO) pricing structure and 24-7 access to Rockwell Collins support.

May 2013: Copa Holdings, parent of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU), posted first-quarter net income of +$113.8 million, up +18.7% over net profit of +$95.9 million in the year-ago period.

COPA (COP) has introduced a new and improved business (C) class product to Buenos Aires, Los Angeles and Sao Paulo.

June 2013: 2 737-8V3 (40781, HP-1830CMP; 40788, HP-1831CMP), (MC) Aviation Partners leased.

July 2013: Copa Airlines (COP), which had previously served eight destinations across the USA from its Panama City (PTY) base, further increased its coverage of the country this month. Beginning on July 10, (COP) operates daily flights on the 3,800 km route to Boston (BOS) using its fleet of 18 737-700s. Pedro Heilbron, (COP)’s (CEO), commented: “Boston has long been the largest USA market without non-stop services to Latin America. We now offer services to 55 points across the region via our hub in Panama."

Conveniently located in the central point of the Americas, Panama City’s Tocumen International Airport has greatly contributed to the success of its largest customer – Copa Airlines (COP). In fact, (COP) has been the main growth driver at the airport for over two decades now, following its 1992 decision to turn Panama City into the “Hub of the Americas.” The airport’s geographically-perfect position means that Copa (COP) can execute its plan using a fleet of narrow body and regional airplanes only.

Having a strong home-based carrier has turned Panama City into an indisputable success story over the last decade, as traffic continued to grow against economic odds, achieving an average rate of growth of +14.1% between 2003 and 2012.

As passenger numbers grew from 2.15 million in 2003 to almost 7 million last year, double digit annual growth was maintained in all years except in 2009 and 2010. Even in those ‘quieter’ years following the global economic downturn, many global airports would have loved to have delivered growth of ‘just’ +4.4% and +6.2%, respectively, rather than the passenger traffic precipice that faced many.

Copa (COP) offers 941 weekly flights from Panama City across its network of 62 destinations. This constitutes an increase of +9.3% when compared to August 2012, giving Copa (COP) a frequency share of 87.8% – slightly more (+1.8pp) than a year earlier. (COP)’s weekly seat offering increased by +12.8% over the same time period.

June 2013 marked the first anniversary since (COP) joined the Star (SAL) Alliance, which makes Panama City an important stronghold for the alliance in the region. United Airlines (UAL) maintains links to the airport from Houston Intercontinental (2x-daily) and New York Newark Liberty (9x-weekly), while the new Avianca (AVI) added a combined 4x-weekly flights (+3x-weekly flights from San Salvador, and +1 from Bogota).

American Airlines (AAL), the highest-ranking (#3) non-Star (SAL) Alliance carrier, has 2.1% share of weekly frequencies in the market, and while it kept the number of flights unchanged since last year, it has modestly reduced the capacity it offers.

Only two European destinations are offered non-stop from Panama City – Amsterdam and Madrid. (KLM), which offers daily flights from Amsterdam, has increased seat capacity on the 8,800 km route by a quarter, as it replaced MD-11s with 777s. Fleet changes also brought marginal capacity growth to Iberia (IBE)’s 5x-weekly service to the Spanish capital. In November, AirFrance (AFA) will start a 3x-weekly 777 service, to become the third European flag carrier to fly to Panama City.

Copa Airlines (COP) will begin 4x-weekly, Panama - Tampa service on December 16 with 737-700s. The Florida city, located on the state’s Gulf coast, will become Copa’s ninth USA destination and 66th overall. Tampa, for the record, was Florida’s fourth busiest airport last year with 17 million passengers, behind Miami (39 million), Orlando (35 million) and Fort Lauderdale (24 million).

August 2013: Copa Holdings, parent company of Panama-based Copa Airlines (COP) and Copa Airlines Colombia (REU), posted a second-quarter net income of +$74.4 million, more than doubling a net profit of +$32 million in the year-ago period.

According to FAPA.aero, Copa Airlines (COP) hired 14 First Officers (FC) and 5 Captains (FC) in June.

September 2013: SEE ATTACHED - - "COP-2013-09 - COLOMBIAN OPERATIONS."

October 2013: Copa Airlines (COP) adds an 8x-daily, Panama City - San Jose, Costa Rica 737-700 flight on October 2. (COP) begins 4x-weekly Panama City - Tampa 737-700 service on December 16.

(COP) has announced that it has ordered up to 100 Split Scimitar Winglet Systems from Aviation Partners Boeing (APB) to be fitted to its fleet of 45 737-800s and 18 737-700s. (COP) was the first to operate the blended winglet on its 737-700/-800s. The new winglets improve airplane performance and reduce fuel consumption by around -3.5%.

737-8V3 (40790, HP-1835CMP), delivery.

(COP) currently serves 29 countries, 66 destinations, and 91 routes.

December 2013: Copa Airlines (COP) has started four times weekly flights from its Panama City (PTY) hub to Tampa, Florida (TPA), its ninth destination in the USA and its 66th destination overall. The 2,120 km sector will be operated using a mix of (COP)’s 737-700s and 737-800s. The first flight operated on December 16th, and no other carrier serves the route. (COP) already serves two other airports in Florida; Miami, with up to six daily flights, and Orlando, with four daily flights. Joe Mohan, Senior VP Commercial & Planning, said: “Copa Airlines (COP) is pleased to offer the first-ever non-stop service between Latin America and Tampa Bay, a city with strong commercial ties to Panama, numerous area tourist attractions, and a growing Hispanic population.”

January 2014: Copa Airlines (COP) will launch new services from Panama: 4x-weekly to Montreal on June 3; 4x-weekly to Fort Lauderdale on July 11; 2x-weekly to Georgetown on July 11.

February 2014: Copa Holdings, parent company of Panama-based Copa Airlines (COP) and Copa Airlines Colombia (REU), reports 2013 net income of +$428.2 million, up +31.2% over 2012’s net profit of +$326.5 million.

2013 revenue rose +16% to $2.61 billion, while expenses increased +13.2% to $2.09 billion, producing an operating profit for the year of +$518.5 million, up +28.8% year-over-year.

For the 2013 full-year, Copa Holdings’ traffic rose +16.3% to 14.53 billion (RPM)s on a +14.4% rise in capacity to 18.95 billion (ASM)s, producing a load factor of 76.7% LF, up +1.2 points from 2012.

Yield grew +0.2% to 17.3 cents as (RASM) increased +1.4% to 13.8 cents and (CASM) dropped -1.1% to 11 cents. (CASM) ex-fuel was 6.9 cents, down -1.9%. Copa Holdings’ fuel expenses for 2013 were $783.1 million, a +7.9% increase from 2012. The company carried 7,779,000 passengers in 2013, up +8.9% from 2012.

In the 2013 fourth-quarter, the company posted net income of +$113.9 million, up +31.5% from 2012’s December quarter. Fourth-quarter revenue rose +16.3% to $697.8 million; expenses increased +14.4% to $567.1 million, leaving an operating profit of +$130.7 million, up +25.3% year-over-year.

Copa Airlines (COP) took delivery of one 737-800 during the fourth quarter, bringing Copa Holdings’ consolidated fleet as of the end of 2013 to 90 airplanes, consisting of 18 737-700s, 46 737-800s and 26 Embraer E190s.

Route Network Update for Copa Airlines (COP):
Copa Airlines ((IATA) Code: CM, based at Panamá City Tocumen International) (COP) network changes:
New route: Fort Lauderdale International - Panamá City Tocumen International starting July 11, 2014.
New route: Montréal Trudeau - Panamá City Tocumen International starting June 3, 2014.
New route: Panamá City Tocumen International - Fort Lauderdale International starting July 11, 2014.
New route: Panamá City Tocumen International - Montréal Trudeau starting June 2, 2014.
Cali - Santiago de los Caballeros route was terminated on January 31, 2014 (with stop in Panamá City Tocumen International).
Santiago de los Caballeros - Cali route was terminated on January 31, 2014 (with stop in Panamá City Tocumen International).

May 2014: Copa Holdings, parent of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU), posted first-quarter net income of +$151.4 million, up +33% from a net income of +$113.8 million in the year-ago quarter.

Total revenue for the quarter was $713.6 million, up +11.3% year-over-year, while expenses grew +7.6% to $536.6 million, producing an operating profit of +$177 million, up +24.1% compared to the year-ago period.

First-quarter consolidated traffic was up +11% to 3.9 billion (RPM)s on a +9.3% rise in capacity to 5 billion (ASM)s, producing a load factor of 78.1% LF, up +1.2 points. Yield was up +0.5 point to 17.7 cents.

During the quarter, Copa Airlines (COP) took delivery of one Boeing 737-800. As a result, Copa Holdings ended the quarter with a consolidated fleet of 91 airplanes.

Copa (COP) said its first-quarter results “continued to benefit from positive demand trends, which resulted in solid load factors and yields, as well as lower unit costs.” According to a company statement, its “strong first-quarter results are the product of a solid and well-executed business model based on the goal of operating the best and most convenient network for intra-Latin America travel.”

Going forward, (COP) said it will “continue to strengthen its long-term competitive position by taking advantage of new growth opportunities and implementing initiatives to further strengthen its network and product.”

Copa Airlines (COP) unsurprisingly turned a strong first quarter (1Q) 2014 financial performance, bolstering its stature as one of the best performing carriers. Despite some lingering headwinds from withheld payments by the Venezuelan government, overall, (COP) enjoyed strong demand throughout its network as (COP) continues to leverage Panama’s favorable geography as a prime connecting point between North and South America.

(COP) is taking steps to mitigate volatility created by the Venezuelan government withholding payment to numerous carriers through capacity reductions designed to ease its exposure to Venezuela’s thorny currency management scheme.

While Latin America’s largest economies Brazil and Mexico continue to see slower rates of economic growth, Copa (COP) predicts a Gross Domestic Product (GDP) increase of +2.7% for the region in 2014. The uptick is fuelling a relatively bullish outlook by (COP), underscored by its estimated operating margin guidance of 19% to 21%.

June 2014: Copa Airlines (COP), consistently one of the world’s most profitable airlines by operating margin, has added Montreal (YUL) to its growing North American network. On June 3rd, it began four times weekly flights on the 4,070 km route from Panama City (PTY). The route, not served by any other carrier, will be flown by (COP)’s 737-800s. This is (COP)’s second route to Canada, as it already serves Toronto with 4x-weekly flights.

Copa Airlines (COP), the flag carrier of Panama, increased its Panama City (PTY) offering with the launch of two new routes on July 11th. Firstly, it added its 11th USA destination with the launch of 4x-weekly flights to Fort Lauderdale (FLL), using a mixed fleet of its 124-seat 737-700s and 160-seat 737-800s. Secondly, it inaugurated 2x-weekly operations (Tuesdays and Fridays) to Georgetown (GEO) in Guyana, using the Star (SAL) Alliance member’s 124-seat 737-700s. (COP) will face competition only on the service to the USA from Spirit Airlines (SPR)’s 3x-weekly flights.

737-8V3 (41445, HP-1838), delivery.

July 2014: Copa Airlines (COP) began 4x-weekly, Panama - Fort Lauderdale Boeing 737-700 service.

August 2014: Copa Holdings, parent company of Panama-based, Copa Airlines (COP) and Copa Airlines Colombia (REU), posted second-quarter net income of +$118.2 million, up +58.7% year-over-year, compared to the company’s $74.4 million net profit in the 2013 June quarter.

Total revenue for the quarter was $673.6 million, up +13.8% year-over-year while expenses grew +9.7% to $542.4 million, producing an operating profit of +$131.2 million, up +34.3% compared to the year-ago period.

Second-quarter consolidated traffic was up +12.7% to 3.92 billion (RPM)s on a +9.7% rise in capacity to 5.07 billion (ASM)s, producing a load factor of 77.3% LF, up +2 points year-over-year. Copa (COP)’s consolidated number of passengers carried during the second-quarter came to 1.9 million, up +1.6% from the 1.86 million passengers carried during the year-ago-quarter.

Yield grew +1.6% year-over-year to 16.6 cents, as (RASM) increased +3.7% to 13.3 cents, and (CASM) stayed consistent at 10.7 cents. (CASM) ex-fuel fell -0.9% to 6.6 cents. (COP)’s fuel expenses for the second-quarter were $205.9 million, up +11.5% year-over-year.

(COP) took delivery of two 737-800s during the second quarter, bringing Copa Holdings’ consolidated fleet, as of June 30, to 93 airplanes.

In June, Copa (COP) received a $43.3 million payment from Venezuela’s Centro Nacional de Comercio Exterior/National Center for International Trade (CENCOEX), following repatriation requests made by (COP) in early 2013. The funds were honored at 6.30 bolivars per dollar exchange rate (the same level at which the revenues were accrued) eschewing the discounted exchange rate the Venezuelan government had previously offered.

Copa Airlines (COP) reportedly has $528.1 million in funds subject to exchange controls in Venezuela and are pending repatriation.

Venezuela’s currency controls have prevented many airlines from converting bolivar-denominated revenue into dollars. Subsequently, service has been cut by many of the carriers (including Copa (COP), which has slashed its Venezuela capacity for the rest of 2014 by 40%). The affected airlines plan to continue reducing capacity until the Venezuelan government releases the revenue owed to them.

“Discussions with the Venezuelan government are ongoing, and we continue to request for the company’s pending repatriations to be expedited and honored at the exchange rate at which tickets were sold,” (COP) said in its second-quarter earnings report. “Nonetheless, there is still no certainty regarding timing of approvals or the exchange rate at which the company’s pending bolivar repatriation requests will be converted to USA dollars.”

737-8V3) (44155, HP-1840), delivery.

November 2014: Copa Holdings, parent company of Panama-based Copa Airlines (COP) and Copa Airlines Colombia (REU), reported third-quarter net income of +$66 million, down -47.6% year-over-year, compared to the company’s +$126 million net in the year-ago September quarter.

Total revenue for the quarter was $663.7 million, down -2% year-over-year as expenses came to $552.6 million, up +4.3%; the company’s operating income totaled %111.1 million, down -24.7% year-over-year from $147.5 million in the third quarter of 2013.

Third-quarter yield fell -7.7% year-over-year to 15.9 cents as (RASM) dropped -9.9% to 12.5 cents though (CASM) improved to 10.4 cents (falling -4.1% year-over-year). (CASM) excluding-fuel was also down, dropping -5.7% year-over-year to 6.4 cents. Copa (COP)’s third-quarter fuel expenses were $212.6 million, up +7.3% year-over-year (a result of a +7.2% increase in gallons consumed during the quarter, Copa (COP) said).

(COP) said the quarter’s lower passenger revenue yields were driven largely by (COP)’s -50% reduction of capacity in Venezuela, as well as the stipulation that ticket sales in Venezuela must be sold in bolivars, as opposed to US dollars.

As of September 30, Copa Holdings reportedly has $520.7 million in funds subject to exchange controls in Venezuela still pending repatriation.

Consolidated traffic during the third-quarter was up +6.3% year-over-year to 4.04 billion (RPM)s on a +8.7% capacity increase to 5.3 billion (ASM)s, resulting in a quarterly passenger load factor of 76.3% LF, down -1.8 points year-over-year. Copa (COP)’s consolidated passengers-carried during the third-quarter was 1.9 million, down -3.5% from the year-ago quarter.

In a November 20 quarterly results conference call with analysts, Copa (COP) announced its intention to launch (COP)’s own customer loyalty program in July 2015. Until then, United MileagePlus will continue as the company’s frequent flyer program. Additional details about Copa (COP)’s new loyalty program will come in March 2015.

Copa Airlines (COP) [Panama] took delivery of three Boeing 737-800s during the quarter, bringing Copa Holdings’ consolidated fleet, as of September 30, to 96 airplanes.

December 2014: Copa Airlines (COP), the flag carrier of Panama, increased its international offering from Panama City (PTY) with two new routes. Firstly, (COP) commenced twice-weekly (Tuesdays and Saturdays) flights on December 9th to its second destination in Cuba, operated by its 94-seat E190s to Santa Clara (SNU). (COP) also flies to Havana in Cuba with six daily flights. Secondly, the Star (SAL) Alliance member commenced daily operations to Sao Paulo Viracopos (VCP) on December 10th, utilizing its 154-seat 737-800s. Neither of (COP)’s new additions are served by any other operator.

February 2015: News Item A-1: Copa Holdings (parent company of Panama-based Copa Airlines (COP) and Copa Airlines Colombia (REU)) posted a 2014 net profit of +$371.4 million, a -13.1% drop from Copa (COP)’s 2013 net income of +$427.5 million.

(COP)’s consolidated operating revenue for the year grew +4.3% year-over-year (YOY) to $2.72 billion as expenses rose +4.4% to $2.18 billion. (COP)’s full-year operating profit was +$538.1 million, up +4% (YOY).

(COP)’s combined airline traffic grew +9.5% (YOY) in 2014 to 15.9 billion (RPM)s; capacity kept pace at +9.5% growth (YOY) to 20.8 billion (ASM)s. The resulting total passenger load factor (PLF) for the full-year came to 76.7% LF, matching 2013’s (PLF).

Yield was down -4.4% (YOY) to 16.6¢ as (RASM) dropped -4.7% (YOY) to 13.1¢ and (CASM) fell -4.6% (YOY) to 10.5¢. (COP)’s (CASM) ex-fuel was 6.6¢ for the year, down -4.8% (YOY).

(COP)’s consolidated fuel expenses for the year were $820.7 million, up +4.8% (YOY); consolidated fuel consumed was up +8.5% (YOY), to 268.5 million gallons. (COP)’s airlines carried a combined 7,797,000 passengers in 2014, up +0.2% from 2013.

(COP) posted $35.9 million in fourth-quarter net income, down -68.3% from the company’s +$113.2 net profit in the year-ago quarter. (COP) reported a non-cash loss of -$89.1 million associated with the mark-to-market of fuel hedge contracts among its fourth-quarter special item adjustments. (COP)’s fourth-quarter revenue slipped -3.8% (YOY) to $670.9 million; operating expenses dropped -2.8% (YOY) to $552.1 million; Copa (COP)’s resulting operating profit for the quarter came to +$118.8 million, down -8.4% (YOY).

Copa Airlines (Panama) (COP) took delivery of two Boeing 737-800s during the fourth quarter, bringing Copa Holdings’ consolidated fleet as of December 31, 2014 to 98 airplanes. (COP) operates 54 Boeing 737-800s, 14 737-700s and 12 Embraer E190ARs. Copa Airlines Colombia (REU) operates 14 E190ARs and four 737-700s.

News Item A-2: Copa Airlines (COP) has selected Sabre as the airline’s leading technology provider. Copa (COP) will leverage the breadth of Sabre’s leading technology portfolio, including the SabreSonic Customer Sales & Service (CSS) reservations system, and airline retailing solutions, enabling (COP) to personalize its flight experience for travelers.

News Item A-3: Copa Airlines (COP) is the first carrier to install the "liteMood" retrofit (LED) lighting system developed by (STG) Aerospace. (COP) installed the system on a Boeing 737-800.
See attached - - "COP-2015-02 -NEW LITEMOOD LIGHTING SYSTEM."

The liteMoood system is a plug-and-play solution that consumes -70% less power than original fit fluorescent lighting to provide -70% reduction in power consumption.

April 2015: News Item A-1: Copa Airlines (COP) has signed for 61 Boeing 737 MAX 8 and -9 airplanes, in an order valued at $6.6 billion at list prices. This is the largest commercial transaction between a Panamanian and a US-based company. Panama President, Juan Carlos Varela Rodriguez and USA President, Barack Obama witnessed the historic agreement at the seventh Summit of the Americas.

The airplanes were previously attributed to an unidentified customer on Boeing (TBC)’s Orders & Deliveries website. They will be powered by (CFM) (LEAP-1B) engines

(COP) Chairman, Stanley Motta called the order “an important step in strengthening Copa (COP)’s leadership in the region, as we enhance our world-class product and expand our network.”

(COP) will use the 737 MAXs to replace existing airplanes and support (COP)’s plans for strategic growth. (COP) will be the first airline in the region to operate the 737 MAX 9 on deep South American routes. The 737 MAX 9’s range and passenger comfort are ideally suited to (COP)’s long-haul route network.

To date, Boeing (TBC) said the 737 MAX has accumulated 2,715 orders from 57 customers.

News Item A-2: "Airlines Want Maintenance Repair & Overhaul (MRO) Facilities To Help More With Data And Predictive Maintenance" by
James R Asker, "Aviation Daily," April 15th, 2015.

When it comes to “predictive maintenance” and using the huge quantity of data that state-of-the art jet airplanes generate, airlines want better performance from maintenance, repair and overhaul (MRO) companies and suppliers. “We need to be getting away from the ‘no trouble found’ that drives everybody nuts,” said Ahmad Zamany, VP Technical Operations at Copa Airlines (COP).

Being unable to repeat in the hangar a fault found in line operations is a problem as old as airplanes, of course. But with modern health-monitoring systems, it is even more difficult (but more important, given airlines’ expectations) that (MRO)’s be able to determine whether a part should indeed be replaced. Just telling the airline “it’s still within spec,” will not cut it, he said. To put it bluntly, failure should not be the only option.

Zamany gave the example of an airplane’s health-monitoring system showing a valve is opening and closing slower than it had been. Is it about to fail, or would some sort of servicing restore it to speedy operations? Airlines want help figuring that out.

Lance Applegate, Director Fleet Engineering & Programs at Delta Air Lines (DAL), said the latest airliners may capture 500 MB of data about its workings on a single flight. Operators want help in sifting it. “It’s a matter of weeding out and deciding where you want to focus,” Applegate said. Zamany agreed, and added, “There are a lot of systems [health monitoring] doesn’t track. You still have to have hardcore engineering [capabilities].”

Those were among the points, representatives of three carriers made on a panel at Aviation Week’s (MRO) Americas convention and exhibition on a panel called “Customers Speak Out.”

The (MRO) industry certainly heard about pain points and desires for better performance. But (MRO)s also might have been reassured, hearing that carrier-(MRO) relationships are critical, and that a good one is like marriage (both sides need to work at it, openly and honestly).

Discussing key performance indicators (KPIs) that many airlines use to scrutinize their suppliers’ performance, Zamany said, “A lot of time you look, and the finger points back at you.” So, too, if an (MRO) is encountering difficulties, Applegate said, “we want to know about it.”

What is more, the basics will never change. Beth Medlen, Director Base Maintenance at Virgin America (VUS), said carriers would always like (MRO)s to improve on quality, cost and turnaround times. Staying on budget and meeting schedules is extremely important. But of the three, she said, “We can sacrifice a little on budget. We can sacrifice a little on schedule. But we cannot sacrifice quality and safety.”

May 2015: Copa Holdings reported +$113.1 million net income for the 2015 first quarter, down -25.3% from the company’s +$151.4 million net profit in the 2014 March quarter.

Copa Holdings (the parent company of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU)) said the first-quarter results reflect the company’s transition to all USA dollar ticket sales, which reduced passenger yields “driven in large part by the reduction in Venezuelan yields.” Additionally, low customer demand, especially in South America, affected the company’s first-quarter revenues, though lower fuel expenses and lower ex-fuel unit costs partially offset the results, Copa (COP) said.

Total revenue for the quarter was $631.8 million, down -11.5% year-over-year (YOY). Operating expenses fell -6% (YOY) to $504.6 million; the company’s operating profit for the quarter came to +$127.3 million, down -28.1% (YOY).

Copa (COP)’s consolidated first-quarter traffic increased +5.8% (YOY) to 4.14 billion (RPM)s as capacity expanded +8.3% (YOY) to 5.43 billion (ASM)s, resulting in a load factor of 76.3% LF, down -1.8 points (YOY). Copa (COP)’s airlines carried a combined 1,965,000 passengers during the quarter, down -3.3% (YOY).

(COP)’s first-quarter yield was down -16.2% (YOY) to 14.8¢, a drop of -2.9¢. (RASM) fell -18.3% (YOY) to 11.6¢, and (CASM) dropped -13.2% (YOY) to 9.3¢. Copa (COP)’s (CASM) ex-fuel was 6.3¢ during the quarter, down -3.4% (YOY).

(COP)’s consolidated fuel expense for the first-quarter was $160.8 million, down -22.7% (YOY); the company’s consolidated fuel consumed increased +6.6% (YOY), to 69.6 million gallons. Copa (COP) reported that it had fuel hedges in place for 32% of its consolidated volume in the 2015 first-quarter. Going forward, Copa (COP) has hedged nearly 30% of its projected volume for the 2015 June quarter, 25% for (3Q) 2015, 20% for (4Q) 2015, and approximately 21% of its projected fuel consumption for 2016.

During the quarter, Copa Airlines (COP) took delivery of one Boeing 737-800 and returned a leased 737-700. Copa Holdings ended the quarter with a consolidated fleet of 98 airplanes.

737-8V3 (41447, HP-1846), delivery.

June 2015: Copa Airlines (COP) signed a five-year extension on its OnPoint solution agreement covering more than >64 (CFM56-7B) engines that power the Boeing 737-700 and 737-800 Next Gen airplanes. The agreement is valued at more than >$250 million over the life of the extension. With this agreement, Copa Airlines (COP) has its entire engine fleet of (CFM56-7B) and (CF34-10E) engines covered under (GE)’s OnPoint solution agreements.

August 2015: News Item A-1: Copa Holdings reported 2nd-quarter net profit of +$64.1 million, down -45.8% from a net profit of +$118.2 million in the year-ago quarter.

“Copa Holdings’ 2nd-quarter results are mostly the product of a weak economic environment in South America,” (COP) said. “[Our] 2nd-quarter results reflect lower passenger yields, driven in large part by the reduction on Venezuelan yields from the transition to all USA dollar ticket sales.”

Low demand, primarily in Venezuela, Brazil, and Columbia, also factored into the quarterly figures, but were “partially offset by a lower fuel expense and lower ex-fuel unit costs for the quarter,” Copa (COP) said.

Copa Holdings is the parent company of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU).

Copa (COP)’s operating revenue totaled $538.4 million during the quarter, down -20.1% year-over-year (YOY). Operating expenses were down -9.8% (YOY) to $489.2 million; (COP)’s operating profit for the quarter dropped -62.5% (YOY), to +$49.2 million.

(COP)’s consolidated traffic was flat during the 2nd-quarter (down -0.2% (YOY)) at 3.91 billion (RPM)s, falling -5.6% from its 1st-quarter traffic of 4.14 billion (RPM)s. The company’s consolidated capacity grew +5.8% (YOY) to 5.36 billion (ASM)s, decreasing -1.4% from 5.43 billion (ASM)s in (1Q) 0215. (COP)’s consolidated (2Q) passenger load factor was 72.9% LF, down -4.3 points (YOY), and falling -3.3 points from the 2015 March quarter. (COP)’s airlines carried a combined 1.9 million passengers during the quarter, down -1.2% (YOY).

(COP)’s consolidated yield during the 2nd-quarter was down -20.4% (YOY) to 13.2¢, a drop of -3.4¢. (RASM) fell -24.4% (YOY) to 10¢ and (CASM) dropped -14.7% (YOY) to 9.1¢. (COP)’s (CASM) ex-fuel was 6.2¢ during the quarter, down -6.3% (YOY).

(COP)’s consolidated airplane fuel expense for the 2nd-quarter fell -24.3% (YOY) to $155.9 million (a -$50 million savings); the company’s consolidated fuel consumed increased +3.1% (YOY), to 67.9 million gallons. Copa (COP) reported its fuel hedges in place for the 2nd-quarter represented 30% of its consolidated volume. For the next several quarters, the company is hedging approximately 25% for (3Q) 2015, 25% for (4Q) 2015, and approximately 21% of its projected fuel consumption for 2016.

During the quarter, Copa Airlines (COP) took delivery of 2 737-800s, returned a leased 737-700 and subleased a 737-700 to United Airlines (UAL). Between (COPA) Airlines (COP) and (COPA) Airlines Colombia (REU), the company ended the 2nd quarter with a fleet of 98 airplanes.

In April, (COPA) Airlines (COP) confirmed it had ordered 61 Boeing 737 MAX-8 and 737 MAX-9 airplanes (originally as an ‘unidentified customer’ on Boeing (TBC)’s orders and deliveries tally), a transaction valued at $6.6 billion at then-current list-prices. (COP) intends to use the 737 MAXs as replacements for existing airplanes and to support the company’s forays into operating deep South American routes and other intra-Latin America travel.

News Item A-2: Copa Airlines (COP) inaugurated services between Panama City (PTY) and Villahermosa (VSA) on August 3. Flights on the 1,756 km sector will operate 3x-weekly using (COP)’s E190s. The route will not face any direct competition

(COP) launched services between Panama City (PTY) and Puebla (PBC) in Mexico on August 4. The 2,329 km sector will operate 4x-weekly using (COP)’s E190s, although the inaugural flight was operated using 1 of (COP)’s 737-700s. The route will not face any direct competition.

News Item A-3: Copa Airlines (COP) Chairman, Stanley Motta has asked the Venezuelan government to convert USD470 million of unrepatriated revenue still tied-up in the country, into long term bonds. “I am trying to find something that makes sense to both sides,” he told "Bloomberg" news in an interview. “If they take that debt and say this is the same as having public bonds out there, and this is how we will pay it over time, and this is the institution involved, I literally think that’s the best thing for Venezuela.”

Copa Holdings said in its 1st-quarter report that the USD470 million, or 41%, of its cash, short-term and long-term investments were still in Venezuela pending repatriation.

Despite promises, President Nicolas Maduro's socialist government has failed to decisively deal with Venezuela's outstanding foreign currency debt to airlines, which (IATA) now estimates to stand at USD3.7 billion.

"The blocked money was generated from airline ticket sales in Venezuela and is being withheld in breach of international treaties," (IATA) said in a statement in June. "Venezuela's difficult economic situation is not an excuse to delay addressing the issue, which is unfair to airlines and inconvenient to passengers."

Venezuela has a complex system of currency controls in place which dictate when and how much revenue, airlines can repatriate from the country.

While international thinktanks have blamed Maduro's populist policies (a carry over from predecessor Hugo Chavez) for the country's economic woes, Maduro himself has blamed a right-wing conspiracy fomented by the USA.

Venezuela is due to hold parliamentary elections in December.

News Item A-4: "Trouble in Latin America" by (ATW) Aaron Karp in AirKarp Blog, August 19, 2015.

(COPA) Holdings Parent (CFO), Jose Montero said: "Demand for air travel in our region continues to weaken, driven by currency devaluation and low economic growth."

While North American airlines are enjoying tremendous profitability, Latin America’s airlines are struggling mightily. The future may eventually be bright for (Copa) (COP), Avianca (AVI), (LATAM) (TPR)/(LAN) and other Latin American airline companies, but the present is stormy with no sunshine in sight. (LATAM) reported a -$50 million 2nd-quarter net loss and subsidiary (TAM) (TPR) is slashing domestic Brazilian capacity. (Copa) (COP) stayed profitable in the 2nd quarter, but its net income was down -45.8% year-over-year. Brazil’s (GOL) (GOT) reported a doubling of its net deficit in the 2nd quarter and is cutting capacity -2% to -4% year-over-year in the 2015 2nd half.

The hardest hit Latin American economies are Brazil, Venezuela and Colombia, and Latin American airlines’ ties to formerly fast-growing Brazil are particularly damaging to their bottom lines. Brazil’s economy is expected to contract in 2015, and the value of its currency, the real, has plunged. Of 152 currencies tracked by "Reuters," only the currencies of Kyrgyzstan, Ukraine, and Azerbaijan have performed worse than the real in 2015.

As a result of all this, the airline revenue environment is horrendous in Latin America. Both (LATAM) and (COPA) (COP) reported year-over-year revenue declines of more than >-20% in the second quarter, and unit revenue performance was even worse.

Speaking to analysts to discuss Panama-based (COP)’s 2nd quarter earnings, senior executives didn’t sugarcoat the situation. “Demand for air travel in our region continues to weaken, driven by currency devaluation and low economic growth,” (COPA) Holdings (CFO) Jose Montero said.

(COP) (CEO), Pedro Heilbron doesn’t foresee a recovery anytime soon. “The economies of Latin America, particularly in South America, still don’t show signs of recovery,” he said. About 40% of Copa (COP)’s (O&D) revenue is tied up in Colombia, Venezuela and Brazil, and the company’s revenue from those markets has been cut in half this year. “The regional economic environment has weakened further” in recent months, Heilbron said.

The biggest problem for Latin American airlines is the difficulty they’re having planning going forward with so much uncertainty in the air. “More than anything, we need stable currencies and stable economies,” Heilbron explained. “It’s not that we need economic growth to rebound to where it was a few years ago, we just need stability and more certainty.”

The difference in financial performance right now, between North American and Latin American airlines is striking. Airlines for America (A4A) VP & Chief Economist, John Heimlich told reporters that “weakness in Latin America has been a bit of drag on earnings” for USA carriers that operate to Latin American countries. But the USA “domestic situation is stable for the foreseeable future” and the problems for airlines in Latin America show no signs of migrating north, he said.

November 2015: Copa Airlines (COP) took delivery of the 100th airplane to join its fleet, a Boeing 737-800 decorated with a special decal celebrating the airline achieving this important milestone. The 737-800, leased from (SMBC) Aviation Capital, flew from Seattle to its Panama City home base.

February 2016: Copa Holdings (parent company of Panama-based, (COPA) Airlines (COP) and (COPA) Airlines Colombia (REU)) reported 2015 net profit of +$185.4 million, down -49% compared to 2014.

Full-year revenue was down -16.8% to $2.25 billion, while expenses fell -9.2% to $1.98 billion, producing an operating income of +$266.1 million, down -49%.

Fourth-quarter 2015 net profits were +$1.9 million, down -92.6% from the same period in 2014, on revenues of $533 million, which were down -19%. 4th-quarter operating expenses fell -10.7% to $494 million and operating income dropped -61.6% to $39.1 million.

(COPA) (COP) reported full-year operating margins of 11.8% and forecast operating margins this year of 11% to 13%.

(COPA) Airlines (COP)’s results continue to be dragged down by macroeconomic weaknesses in some of its largest markets, a situation (COP) does not expect to improve in the 1st half of this year.

(COP), the Panama-based carrier has reduced its capacity in Brazil by -15% compared with the beginning of 2015 and plans to reduce it by another -13% in March. Even with those cuts, 18% of (COP)’s total capacity is to that country, (CFO) Jose Montero told analysts during (COP)'s 4th-quarter 2015 earnings conference call on February 18. Brazil’s economy, which is driven by commodity exports, is not expected to recover in the near future, he said.

Another challenge is in Venezuela.

(COP) still has $418 million trapped in that country, because its government has not allowed (COP) to exchange revenues earned in bolivars for dollars. Although the amount that requires repatriation has fallen from $528 million in June 2014, the government has not paid (COP) in 15 months. If the situation does not improve soon, (COP) may be forced to write off at least some of that $418 million as a loss. (COP) stopped taking ticket revenue in bolivars last year.

The Argentinian economy also is making for headwinds, with the recent -30% depreciation of the peso, which cost (COP) $6.9 million in revenues in the last quarter of 2015. However, the new government of President Mauricio Macri has allowed revenues earned in pesos to be repatriated, so for now, Montero said, (COP) will continue booking ticket revenue in that currency.

Colombia also depreciated its currency. Montero noted that 6.5% of (COP)’s system capacity is to Colombia, and the currency depreciation has pressured yields. Overall, (COP) forecasts +3% capacity growth this year as the outlook for travel within Latin America remains weak.

However, (CEO) Pedro Heilbron predicts travel demand in the region will begin to recover in the second half of this year.

(COP)’s home market of Panama provides a bright spot, Heilbron said. The country’s economy is expected to grow by +6% this year, so (COP) is focusing capacity and frequency growth on routes to North America from Panama. Last year, the company added San Francisco and New Orleans to its North American destinations.

(COP) plans to end 2016 with 99 airplanes, which, including deliveries and retirements, is one fewer than at the end of 2015.

Capacity growth will come from upgauging as it takes more Boeing (TBC) 737-800s.

March 2016: Lufthansa (DLH) began 5x-weekly, Frankfurt - Panama City Airbus A340-300 services. (DLH) signed a new code share agreement with Panama-based, Copa Airlines (COP).

May 2016: Panama City-based Copa Holdings reported 1st-quarter net income of +$115.5 million, up +2% from a net income of +$113.2 million in the year-ago quarter.

Copa Holdings (the parent company of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU)) said the 1st-quarter results reflect lower unit revenues driven in large part by the reduction in yields in Brazil, Venezuela, and Colombia, as well as further demand weakness in other markets, partially offset by lower fuel expense and lower ex-fuel unit costs for the quarter.

First-quarter revenue dropped -11.8% to $557.1 million, while expenses fell -8.2% to $463 million, producing an operating income of $94.1 million, down -26.1%.

Copa (COP)’s consolidated 1st-quarter traffic increased +3.6% to 4.3 billion (RPM)s as capacity grew +2.4% to 5.57 billion (ASM)s, resulting in a load factor of 77.4% LF, up +0.9% points. Yield fell -15.4% to 12.5 cents.

Going forward, (COP) said it “expects to continue to strengthen its long-term competitive position by taking advantage of new growth opportunities and implementing initiatives to further strengthen its network and product.”

June 2016: Passenger traffic in Latin America is expected to grow between +5% to +10% per year over the next 10 years, but this growth could be hampered by lack of government investment in infrastructure, air traffic control (ATC) systems and airports, industry leaders said at the (ALTA) Pan American Aviation Safety Summit.

“Aviation is crucial to this region and to connect Latin America to the world economy,” Copa Airlines (CEO) Pedro Heilbron said. In Panama alone, aviation contributes 12.7% to the country’s Gross Domestic Product (GDP), or $5 billion per year.

“But we are facing many challenges, not least of which are the difficult topography and climates in Latin America,” Heilbron said.

Overcoming these challenges has not been made easier by governments, Heilbron said. “Governments are not investing in airports, navigation or infrastructure throughout Latin America,” he said. 2nd, taxes and fees (which in Brazil, for example, are among the highest in the world, according to (IATA)) are not reinvested back into the industry, but are funneled into governments’ general funds, Heilbron added.

Economic struggles (particularly in the large economies of Brazil, Argentina and Venezuela because of cooling global demand for commodities) also present a challenge. According to the International Monetary Fund, the region’s economy will contract by 0.5% this year, more than expected, marking the 1st 2-year period of contraction since the economic crisis of 1982 - 1983. This affects the airline industry in two ways, Heilbron said. 1st, demand for air travel has been negatively affected, and second, governments are less likely to invest in infrastructure, Heilbron said.

Traffic in the region is growing between +5% to +10% per year, which would be difficult for any air navigation service provider to manage, said Farid Zizi President of (ICAO)’s air navigation commission. The number of passengers is expected to double by 2030, and it is imperative that a modern, regional satellite navigation system is developed.

“We need to accelerate satellite navigation and a better exchange of data,” Heilbron said. “We need more technology and training, but governments are not investing in the infrastructure.”

October 2016: "Copa to Launch (LCC) Wingo."

Panama City-based Copa Holdings will launch Wingo (WGO), a low-cost carrier (LCC) subsidiary of Copa Airlines Colombia (REU), with a 737-700 on December 1.

See wingo.com.

November 2016: News Item A-1: Copa Holdings posted net income of +$74 million for the 2016 3rd quarter, >10 fold increase compared to the company’s +$6.2 million net profit in (3Q) 2015.

Copa Holdings (the parent company of Panama’s Copa Airlines (COP) and Copa Airlines Colombia (REU)) said 3rd-quarter results reflected stronger unit revenues and lower unit costs. “Despite continued softness in yields, a more stable currency environment seems to be contributing to a healthier air travel demand, in which Copa Holdings was able to deliver its highest ever quarterly load factor [84.2% LF],” Copa management said. “As a result, Copa Holding’s 3rd-quarter unit revenues increase year-over-year, while its unit costs decreased, driving a year-over-year margin expansion.”

Copa Holding’s operating margin for the 3rd quarter was 13.6%, up +4.4 points from +9.2% in (3Q) 2015. The company’s operating revenue for the 3rd quarter was $569 million, up +4% from $547.2 million in (3Q) 2015. Passenger revenue during the 3rd quarter increased +$4.1% (YOY) to $545.1 million.

Total operating expenses were $492 million, down -1% year-over-year (YOY) resulting in a +$77.2 million operating profit, up +52.7% from +$50.6 million operating income in (3Q) 2015.

Copa Holding’s consolidated 3rd-quarter traffic increased +12.7% (YOY) to 4.6 billion (RPM)s as capacity decreased -2% to 5.5 billion (ASM)s, resulting in a load factor of 84.2% LF, up +7.9% points (YOY). Yield fell -7.6% (YOY) to 11.8 cents. (PRASM) was up +2.1% (YOY) to 9.9 cents; (RASM) was up +1.8% (YOY) to 10.3 cents. (CASM) ex-fuel fell -0.9% (YOY) to 6.4 cents.

Copa Holdings reported realized fuel hedge losses of -$22.2 million in the 3rd quarter, compared to -$24.1 million in (3Q) 2015. The company’s effective jet fuel price fell -8.8% to $1.97 in the 2016 3rd quarter from $2.16 in (3Q) 2015. The company had fuel hedges in place representing 32% of its consolidated volume in (3Q) 2016; the company is hedging approximately 35% for (4Q) 2016. For 2017, Copa will hedge approximately 6% of its forecasted fuel consumption at an average $1.80 per gallon.

Looking to the closeout of 2016, Copa is increasing its load factor and (RASM) guidance “mainly as a result of stronger demand and better commercial execution,” the company said. The company’s load factor guidance was raised by +1 point to +/-80%. In 2015, Copa reported a full-year load factor of 75.2% LF. Copa also raised its full-year (RASM) guidance to +/-10 cents while maintaining its full-year (CASM) ex-fuel guidance at +/-6.4 cents. Additionally, Copa narrowed its full-year operating margin by 1 point to a range of 12% to 13% for 2016. Copa’s full-year operating margin in 2015 was 11.8%.

During the quarter, Copa returned 2 leased Embraer E190s, and ended the quarter with a consolidated fleet of 99 aircraft.

On December 1, Copa will launch low-cost carrier (LCC) Wingo “designed for passengers looking for a simple, no-frills travel option within Central, South America and the Caribbean,” Copa said. Wingo will operate administratively and functionally as a subsidiary of Copa Airlines Colombia (REU).

News Item A-2: "(LATAM), and Copa (COP) Seek to Get in Front of Latin America’s Low Cost Carrier (LCC) Trend" by Aaron Karp aaron.karp@penton.com, November 22, 2016.

The (LATAM) Airlines Group in revamping its fare structure to offer a basic economy (Y) option on domestic flights and Copa Holdings launching a low-cost carrier (LCC) (Wingo), signal a move toward (LCC) services in Latin America, even among the region’s largest airlines.

(LCC)s have transformed the domestic Mexican market in recent years, and (LCC)s have a strong foothold in the Brazilian market, but the model has not yet caught on in the rest of Latin America. However, that now appears to be changing, particularly in domestic markets and on short-haul flights. (LATAM) (LAN)/(TPR) and Copa (GOP)/(REU) - (Wingo) are trying to get in front of the trend.

“Passengers are looking for a low, low price, as they are in Europe, and that is going to be the fastest growing segment in our region,” (LATAM) (CEO) Enrique Cueto said during the recent Latin American and Caribbean Air Transport Association (ALTA) Airline Leaders Forum in Mexico City. “We cannot let that segment be taken by someone else.”

(LATAM) is not launching a separate (LCC), but in the 1st half of next year it will start rolling out an unbundled fare structure in the 6 domestic markets its affiliates serve (Brazil, Chile, Peru, Argentina, Colombia, and Ecuador). Passengers will be able to choose a basic fare up to -20% lower than current prices, with the option to pay fees for add-ons such as checking baggage or selecting a seat.
Cueto said he expects to see multiple (LCC)s emerging to serve passengers on short-haul routes in Latin America, and (LATAM) decided it was necessary to modify its fare structure to remain competitive on flights of 2 hours or less. He acknowledged that (LATAM)’s costs on most of the short-haul routes will still be +10% to +15% higher than a pure (LCC)’s costs. “That is acceptable because we want to keep business (C) passengers,” he explained.

Though at a cost disadvantage, (LATAM) will have a “revenue advantage” on the short-haul routes and will offer a product that will be cost competitive enough to keep business (C) passengers from switching to (LCC)s and entice leisure passengers to choose (LATAM), Cueto argued. “If business (C) people go to another carrier, you’re doomed,” he said. “The challenge is we want to keep the business (C) passengers, but we will not give up that [LCC] segment.”

Copa (CEO) Pedro Heilbron conceded the decision to launch Wingo, a (LCC) subsidiary of Copa Airlines Colombia (REU) that will start flying December 1, was an uncharacteristic move for him. “Doing this is like if I were to arrive at this event [the annual (ALTA) gathering of Latin American airline executives] with red pants, a yellow checkered shirt and a hat,” the impeccably dressed Heilbron joked.

Wingo will operate 4 Boeing 737-700s configured with 142Y seats in a single-class cabin on point-to-point services to 16 destinations in Latin America and the Caribbean. Wingo is a “tool” to enable Copa (COP)/(REU) to retain passengers on short-haul routes where there is a growing (LCC) presence, Heilbron said. “Wingo doesn’t need to be profitable to be positive for Copa Holdings,” he said. “If they break even, it will be positive for us. Of course, we expect them to be profitable.”

Enrique Beltranena, the (CEO) of Volaris (VLS), the ultra-(LCC) credited with leading the low-fares revolution in Mexico that has moved millions of bus passengers to airlines, said there has been “a transformation of travel needs” in Latin America. Volaris (VLS) will take its model to the Central American market with the launch of Volaris Costa Rica next month. “The proof is here” in Mexico that offering low fares will create new air travelers in Latin America, Beltranena said. “I believe we have proven [the model] and we can do something similar in the Central American region.”

However, he cautioned that the low cost carrier (LCC) model has its limits, predicting that traditional service will continue to be the norm on long-haul routes within Latin America and to/from Latin America. “I don’t fully understand the virtues of a long-haul (LCC)" Beltranena said. “I do not understand the model for long-range flights.”

Aeromexico (AMX) (CEO) Andrés Conesa said that once passengers get accustomed to air travel, they may eventually migrate to long-haul services on more traditional carriers. “These passengers that used to travel by bus are flying with (LCC)s, but in the future they may be flying with us,” he said.

January 2017: 737-8V3 (41458, HP-1854CMP) delivery.

May 2017: News Item A-1: Latest code share partner for Copa Airlines (COP) is Turkish Airlines (THY), a fellow Star (SAL) Alliance member now flying to Panama.

(THY) will place its TK designator code on Copa (COP) flights between Panama City and David (Panama); Porto Alegre, Rio de Janeiro, Manaus, Belo Horizonte and Sao Paulo (Brazil); Santo Domingo and Punta Cana (Dominican Republic); Guayaquil and Quito (Ecuador); San Salvador (El Salvador); Asuncion (Paraguay); Lima (Peru).

(COP) will place its CM designator code on (THY) flights between its strategic Hub of the Americas Panama City and Istanbul Atatürk. (THY)
will also place its code on Copa (COP) flights to Cancun, Mexico City and Guadalajara (Mexico); Managua (Nicaragua); San Jose (Costa Rica) and Montevideo (Uruguay).

(COP) (CEO) Pedro Heilbron said the agreement “has great importance since it contributes to strengthen the connectivity between Latin America with Istanbul and the rest of Europe.” (COP) said it offers connection to 74 destinations in the Americas and the Caribbean via Panama City.

June 2017: Copa Airlines (COP) will convert 15 previously ordered Boeing 737 MAX aircraft to the new MAX 10 version, (COP) said at the Paris Air show June 21. (COP) will become the 1st airline to operate the 737 MAX 10 in Latin America.

August 2017: News Item A-1: Resurgent economies in South America and currency stabilization contributed to Copa Airlines (COP)’s strong 2nd-quarter results, with operating margins doubling in the quarter from 2016. (COP) reported operating margins of 14.4%, or double its 2016 results. For the rest of the year, (COP) expects margins to be 16% to 18% and return to its historical norm of margins in the high teens-to-low 20% range, (CEO) Pedro Heilbron told analysts on August 10.

News Item A-2: The Panama-based airline group Copa Holdings is testing out the multi-brand model with its low cost carrier (LCC) brand Wingo, which launched operations in late 2016 and is now operating 17 short haul routes. Wingo has already captured a 2% share of seat capacity in both the group’s home markets, Colombia and Panama.

Fleet:
(definitions)

Click below for photos:
COP-737-71Q
COP-737-7V3-9
COP-737-7V3
COP-737
COP-737NG
COP-737 MAX 8 AND 9 - 2015-04.jpg
COP-737-700
COP-737-700 JUL06
COP-737-700 VSD
COP-737-700-FAA CAT 11.
COP-737-71Q-CAL TAIL LOGO
COP-737-800 - 2012-03
COP-737-800 - STAR ALLIANCE - 2012-11
COP-737-86N - 2012-02
COP-737-8V3 - 2013-12
COP-737-8V3 - 2015-07.jpg
COP-737-8V3 LOGOJET - 2012-12
COP-E190

August 2017:

0 737-2H6C (JT8D-15) (436-21109, /75 HP-1311), EX-(MAS), (ILF) LSD, RTND 2002-04, LST (SUS). 8C, 106Y.

0 737-2P5 (JT8D-15) (794-22667, /81 HP-1322CMP; 1010-23113, /84 HP-1324CMP), EX-(TAI). 22667; 23113; ST (BTV) 2004-08. 8C, 106Y.

0 737-2P6 (JT8D-15) (500-21359, /77 HP-1255CMP; 528-21612, /78 HP-1340CMP; 538-21677, /78 HP-1339CMP), EX-(GUL)/(SOT), (GEF) LSD 1997-11. 21612 SCRAPPED 2003-07. FOR SALE. 21359 RTND 2004-11. 8C, 106Y.

0 737-2S3 (JT8D-15) (849-22660, /82 HP-1234CMP), EX-(INT)/(INZ), (FSB) LSD. 22660 ST (BTV) 2004-08. 8C, 106Y.

0 737-204 (JT8D-15) (338-20806, /74 HP-1195CMP; 541-21693, /78 HP-1163CMP), EX-(BRI). 20806; 21693; ST (BTV) 8/04. 8C, 106Y.

0 737-219 (JT8D-15) (535-21645, /78 HP-1297; 676-22088, /80 HP-1288), EX-(ANZ), (IAN) LSD 1995-06. 21645 RTND 2003-04. FOR SALE. 8C, 106Y.

0 737-230QC (JT8D) (223-20253), ST (VTE) 2000-01, TO (SUS) 2000-02.

2/9 ORDERS 737NG (CFM56-7B):

1 737-7V3 (WL) (CFM56-7B22), COPA AIRLINES (COP) LEASED TO COPA AIRLINES COLOMBIA (REU) FOR "WINGO" OPS IN 2016-12. WITH WINGLETS.

0 737-7V3 (CFM56-7B22) (29360, HP-1528CMP), (ILF) LSD 2005-02. RTND AND LST (EZA) 2012-06. 12C, 112Y.

20 737-7V3 (CFM56-7B22) (388-20049, /99 HP-1371CMP; 399-28607, /99 HP-1372CMP; 459-30458 /00 HP-1373CMP; 494-30459, /00 HP-1374CMP; 558-30460, /00 HP-1375CMP; 574-30497, /00 HP-1376CMP), 1ST 2 (GEF) LSD. (1173-30461, /02 HP-1378CMP; 1161-30462, HP-1377CMP; 1221-30463, /02 HP-1379CMP; 1241-30464, /02 HP-1380CMP; 1505-33705, HP-1524CMP, 2004-05; 33706, HP-1525CMP, 2004-06; 33707, HP-1520CMP; 33708, /03 HP-1521CMP; 961-35231, CC-CWY, 2007-11; 2343-35068, HP-1532CMP, 2007-08). +2 OPTIONS (30676, HP-1527CMP, 2004-12; 1962-34535, HP-1530CMP, 2006-06; 1995-34536, HP-1531CMP, 2006-07; 2624-35125, HP-1534CMP, 2008-06). 12C, 112Y.

2 737-71Q (CFM56-7B22) (235-29047, /99 HP-1369CMP; 288-29048, /99 HP-1370CMP), (TOM) LSD, 12C, 112Y.

3 737-8V3 (CFM56-7B26) (34006, HP-1526CMP; 3130-36544, HP-1538CMP, 2009-12; 3151-29667, HP-15439CMP, 2010-03), (CGP) LSD. 16C, 144Y.

20 737-8V3 (CFM56-7B26) (1387-33709, /03 HP-1522CMP; 1397-33710, /03 HP-1523CMP; 1711-29670, HP-1529CMP, 2005-06; 2343-35068, HP-1532CMP, 2007-07; 2895-35126, HP-1535CMP, 2009-02; 2963-35127, HP-1536CMP, 2010-01; 3114-36550, HP-1537CMP, 2010-01; 38140, HP-1724CMP, 2011-10; 40361, HP-1715CMP, 2010-12; 3265-40663, HP-1540CMP, 2010-05; 3267-40664, HP-1541CMP, 2010-05; 40666, HP-1716CMP; 40665, HP-1717CMP; 40780, HP-1825CMP, 2012-09 - - SEE PHOTO - - "COP-737-8V3 LOGOJET - 2012-09;" 40781, HP-1830CMP, 2013-06; 40788, HP-1831CMP, 2013-04; 40790, HP-1835CMP, 2013-10; 3455-40890, HP-1712CMP, 2010-10; 3476-40891, HP-1713CMP, 2010-10; 41445, HP-1838, 2014-06; 41447, HP-1846, 2015-05; 44155, HP-1840, 2014-08; 41458, HP-1854CMP, 2017-01), 16C, 144Y.

32/10 ORDERS 737-800 (CFM56-7BE):

15/8 ORDERS (2012-02) 737-800 (CFM56-7B). 16C, 144Y:

2 ORDERS 737-800 (CFM56-7B) (SIL) LSD:

2 ORDERS 737-800 (CFM56-7B) (CGP) LSD:

1 737-800 (CFM56-7B) (SMBC) AVIATION CAPITAL LSD 2015-11.

2 +3 ORDERS 737-86N (CFM56-7B) (3919-38024, HP-1726CMP, 2012-02; 2012-03) (GEF) LSD, 16C, 144Y.

46 ORDERS 737 MAX 8 & 9 (LEAP-1B), SCIMITAR WINGLETS:

15 ORDERS 737 MAX 10:

13 +15 OPTIONS EMBRAER E190AR (CF34-10E) (00012, HP-1540CMP, 2005-11; 00016, HP-1550CMP, 2005-12; 00034, HP-1557CMP, 2006-06; 00038, HP-1558CMP, 2006-06; 00053, HP-1559CMP, 2006-11; 00056, HP-1560CMP, 2006-12; 00089, HP1561CMP, 2007-06; 0095, HP-1562CMP, 2007-07; 0098, HP-1563CMP, 2007-08; 0100, HP-1564CMP, 2007-08; 0126, HP-1565CMP, 2007-11; 0165, HP-1566CMP, 2008-04; 0174, HP-1567CMP, 2008-05; 0199, HP-1564CMP, 2007-08). 2 E190s RETURNED IN 2016. 10C, 84Y.

Management:
(definitions)

Click below for photos:
COP-1-PEDRO HEILBRON CEO
COP-1-PEDRO HEILBRON CEO 2006-12 A
COP-1-Q-CEO 2006-12 B
COP-1-Q-CEO 2006-12 C
COP-1-Q-CEO 2006-12 D
COP-1-Q-CEO 2006-12 E
COP-4-Ahmad Zamany-R-2017-06.jpg

STANLEY MOTTA, CHAIRMAN & PRESIDENT.

PEDRO HEILBRON, EXECUTIVE PRESIDENT & CHIEF EXECUTIVE OFFICER (CEO).

DANIEL GUNN, SENIOR VP OPERATIONS & CHIEF OPERATIONS OFFICER (COO).

CAPTAIN LARRY GANSE, SENIOR VP OPERATIONS & CHIEF OPERATIONS OFFICER (COO) RETIRED.

JOE MOHAN ,SENIOR VP COMMERCIAL & PLANNING.

AHMAD ZAMANY, VP TECHNICAL OPERATIONS.

JORGE GARCIA YCAZA, VP COMMERCIAL.

JOSE MONTERO, CHIEF FINANCIAL OFFICER (CFO) PARENT, COPA HOLDINGS (2013-03).

MOISES VELIZ, VP GOVERNMENTAL AFFAIRS.

CAPTAIN JORGE ROBLES, SAFETY & QUALITY DIRECTOR.

CAPTAIN ANEL WONG, DIRECTOR FLIGHT SAFETY & LIAISON.

CAPTAIN JORGE LLAURADO, DIRECTOR FLIGHT OPERATIONS (PTYODCM)
(jllaurado@copaair.com).

FERNANDO FONDEVILA, REGIONAL MANAGER, NORTH AMERICA.

JOSE LUIS AGUERO, GENERAL MANAGER PERU.

MAURO ARREDONDO, GENERAL MANAGER MEXICO.

CAPTAIN JERRY DEMOCEA, MANAGER FLIGHT SAFETY.

CAPTAIN WILBERT BRANCA, CHIEF PILOT.

DANIEL COHEN, DIRECTOR MAINTENANCE (ACTING).

RAFAEL SAMUDIO, DIRECTOR QUALITY ASSURANCE (QA) & ENGINEERING.

CAPTAIN G EARLE, TECHNICAL OPERATIONS MANAGER (PTYODCM) (gearle@copaair.com).

JOSE DIAZ, MANAGER QUALITY CONTROL (QC) (PTYMMC).

OLMEDO GOTI, MANAGER TECHNICAL TRAINING (1999-07).

RAMON SERRACIN, MANAGER MAINTENANCE (2002-12).

JULIO BOLIVAR, MANAGER ENGINEERING.

MIGUEL WILSON, MANAGER MAINTENANCE TECHNICAL SUPPORT (1999-07).

JAIME GRIERSON, MANAGER SHOP REPAIR.

MARIO HINES, MANAGER GROUND SUPPORT EQUIPMENT (GSE) (1999-10).

ERIC HERRERA, MANAGER INFORMATION SYSTEMS (1999-07).

ANTHONY JOSEPH, MANAGER QUALITY ASSURANCE (QA) (2000-09).

ORLANDO DEVICENTE, MANAGER PLANNING.

MIGUEL WILSON, MANAGER MAINTENANCE TECHNICAL SUPPORT (1999-10).

HECTOR BRANCA, MANAGER MAINTENANCE CONTROL CENTER.

 
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