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Copa Holdings reported a net loss of US$118.1 million or US$2.78 per share. Excluding special items, the Company would have reported a net loss of US$121.6 million, or US$2.86 per share.
Excluding special items, adjusted EBIT and EBITDA were US$ (45.3) million and US$ (0.6) million, respectively, negatively impacted by weak Commercial Aviation results, yielding adjusted EBIT margin of -6.0% and adjusted EBITDA margin of -0.1%
he Company maintains a strong liquidity position, with no significant debt maturities until 2024; Strong capacity management discipline led to 79% load factor; Daily flights triple to 360 in the 3Q20 and Boeing 737 MAX nears approval
A total of €280 million earmarked for measures to reduce personnel costs – Adjusted operating result (EBITDA) remains positive, backed by cost-saving measures – Frankfurt Airport's passenger decline expected to exceed 70 percent for full-year 2020
Third quarter 2020 revenue declined 76% year over year as a result of the impact of COVID-19. The decline is better than our initial planning assumption for the quarter of 80%, as a result improving leisure and visiting friends and relatives travel trends throughout the quarter.
Increased Capacity Drives Stronger Revenues and Lower CASM
Grupo Aeromexico's third quarter 2020 revenue reached $4.7 billion pesos, a 79.1% increase compared to the second quarter of 2020 and a 74.5% year-on-year decrease. During the quarter, revenue per ASK (RASK) in pesos increased by 6.9% compared to second quarter 2020 due to market demand improvements and decreased by 29.0% year-on-year.
September quarter 2020 GAAP pre-tax loss of $6.9 billion and loss per share of $8.47 on total revenue of $3.1 billion
The company expects future capacity to be moderated by the phased re-entry of its ships, the removal of capacity from its fleet and delays in new ship deliveries. Since the pause in guest operations, the company has accelerated the removal of ships in fiscal 2020 which were previously expected to be sold over the ensuing years. The company now expects to dispose of 18 ships, ten of which have already left the fleet.
The Company reported US GAAP Net Loss for the second quarter of 2020 of $(1.6) billion or $(7.83) per share compared to US GAAP Net Income of $472.8 million or $2.25 per share in the prior year.