{"id":384505,"date":"2020-11-18T16:33:29","date_gmt":"2020-11-18T21:33:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384505"},"modified":"2020-11-18T16:33:29","modified_gmt":"2020-11-18T21:33:29","slug":"copa-holdings-reports-financial-results-for-the-third-quarter-of-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\/","title":{"rendered":"Copa Holdings Reports Financial Results for the Third Quarter of 2020"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">PANAMA CITY<\/span>, <span class=\"xn-chron\">Nov 18, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2020 (3Q20). The terms &#8220;Copa Holdings&#8221; and &#8220;the Company&#8221; refer to the consolidated entity.\u00a0 The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2019 (3Q19).<\/p>\n<p>Due to government restrictions on air travel implemented in response to the Covid-19 outbreak, the Company did not provide scheduled commercial service during the first 45 days of the quarter.\u00a0 On <span class=\"xn-chron\">August 14<\/span>, the Company restarted limited scheduled commercial operations subject to <span class=\"xn-location\">Panama&#8217;s<\/span> restrictions on the number of flights and entry for non-citizens and non-residents, and it has been gradually increasing capacity ever since.\u00a0 However, the capacity figures were still very low on a full quarter basis.\u00a0 Therefore, this earnings release will focus on the financial results and metrics that are relevant in these circumstances and will omit certain financial ratios, unit metrics and operational indicators that are usually provided, since they are either not measurable or immaterial on such a limited operational base.<\/p>\n<p>\n        <b><br \/>\n          <u>OPERATING AND FINANCIAL HIGHLIGHTS<\/u><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Copa Holdings reported a net loss of <span class=\"xn-money\">US$118.1 million<\/span> or <span class=\"xn-money\">US$2.78<\/span> per share. Excluding special items, the Company would have reported a net loss of <span class=\"xn-money\">US$121.6 million<\/span>, or <span class=\"xn-money\">US$2.86<\/span> per share. <\/li>\n<li>Special items for the quarter include a <span class=\"xn-money\">US$3.6 million<\/span> unrealized gain on the mark-to-market of the Company&#8217;s outstanding convertible notes. <\/li>\n<li>Copa Holdings reported an operating loss of <span class=\"xn-money\">US$107.0 million<\/span>. <\/li>\n<li>Cash consumption, defined as cash disbursements less proceeds, excluding extraordinary financing activities and asset sales, averaged <span class=\"xn-money\">US$36 million<\/span> per month during the quarter. <\/li>\n<li>The Company ended the quarter with <span class=\"xn-money\">US$1.3 billion<\/span> of available liquidity, consisting of <span class=\"xn-money\">US$1.0 billion<\/span> in cash, short-term and long-term investments, and committed and undrawn credit facilities of <span class=\"xn-money\">US$305 million<\/span>. <\/li>\n<li>The Company repaid <span class=\"xn-money\">US$50 million<\/span> in short-term lines of credit, closing the quarter with a total debt of <span class=\"xn-money\">US$1.2 billion<\/span>. <\/li>\n<li>On <span class=\"xn-chron\">August 14<\/span>, the Company restarted limited scheduled commercial operations, subject to <span class=\"xn-location\">Panama&#8217;s<\/span> health control restrictions on the number of flights and entry for non-citizens and non-residents to <span class=\"xn-location\">Panama<\/span> and has been gradually increasing capacity since then. Capacity for the quarter represented approximately 1.5% of 3Q19 capacity. <\/li>\n<li>The Company completed the delivery of the first EMB-190 aircraft out of 14 that have been sold to a third party. <\/li>\n<li>Excluding the aircraft classified as assets held for sale, Copa Holdings ended the quarter with a consolidated fleet of 74 aircraft \u2013 68 Boeing 737-800s and 6 Boeing 737MAX9s.<\/li>\n<\/ul>\n<p>\n        <b>Subsequent Events<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>During October, the Company delivered the 2<sup>nd<\/sup> and 3<sup>rd<\/sup> EMB-190 aircraft out of 14 that have been sold to a third party. <\/li>\n<li>On <span class=\"xn-chron\">October 11<\/span>, <span class=\"xn-location\">Panama<\/span> lifted restrictions on the number of flights and entry for non-citizens and non-residents. <\/li>\n<li>During the month of November, the Company signed a Letter of Intent for the sale of 2 Boeing 737-700 aircraft, to be finalized and delivered in <span class=\"xn-chron\">January 2021<\/span>. <\/li>\n<li>As of <span class=\"xn-chron\">November 15<\/span>, the Company has restarted service to 38 destinations. <\/li>\n<li>On <span class=\"xn-chron\">November 18<\/span>, the FAA rescinded the order that grounded the Boeing 737-MAX aircraft type and published an Airworthiness Directive and MAX training requirements, paving the way for a return to service.\u00a0 The Company has a plan in place to comply with all new requirements and expects to return its six Boeing 737-MAX9 aircraft to service soon. <\/li>\n<li>The Company is in advanced discussions with Boeing to reach a settlement regarding the Boeing 737-MAX grounding.\u00a0 Subject to the outcome of these discussions, the Company expects to receive two Boeing 737-MAX9 aircraft during the month of <span class=\"xn-chron\">December 2020<\/span>.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnsbr1 prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated Financial <br \/>&amp; Operating Highlights<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Variance vs. 3Q19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Variance vs. 2Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtbl prnrbrs prnvab prnsbb1 prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue Passengers Carried (000s)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbtbl prnsbr1 prnvab prnsbb1 prntar prnpl6 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,703<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-98.9%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">225.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RPMs (millions)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen45 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,466<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-99.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">275.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ASMs (millions)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">95<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,383<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-98.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">205.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Load Factor\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl6 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen45 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-26.0 p.p.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.1 p.p.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fuel Gallons Consumed (millions)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81.97<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-98.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.66<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">99.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Avg. Price Per Fuel Gallon (US$)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.41<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.16<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-34.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.81<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average Length of Haul (miles)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,925<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,022<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-4.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,670<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average Stage Length (miles)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,081<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,295<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-16.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">727<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Departures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">559<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,373<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-98.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">225<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">148.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Block Hours<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,710<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">109,614<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-98.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">820<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating Revenues (US$ millions)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">708.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-95.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14.5<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating Profit (Loss) (US$ millions)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-107.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">132.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-357.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Operating Profit (Loss) (US$ millions) <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-107.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">132.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-108.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Profit (Loss) (US$ millions)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-118.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-386.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Net Profit (Loss) (US$ millions) <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-121.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-114.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic EPS (US$)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-2.78<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.45<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-9.08<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Basic EPS (US$) <sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-2.86<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.45<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-2.70<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Shares for calculation of Basic EPS (000s)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,510<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,487<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,512<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prnsbts prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>(1<\/sup><br \/>\n                  <i><br \/>\n                    <sup>)<\/sup><br \/>\n                  <\/i><br \/>\n                  <i>\u00a0Excludes Special Items.\u00a0 This earnings release includes a reconciliation of non-IFRS <\/i>financial measures to the comparable IFRS measures.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>FULL 3Q20 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:\u00a0 <br \/><\/b><br \/>\n        <a target=\"_blank\" href=\"https:\/\/imsva91-ctp.trendmicro.com\/wis\/clicktime\/v1\/query?url=https%3a%2f%2fcopa.gcs%2dweb.com%2ffinancial%2dinformation%2fquarterly%2dresults&amp;umid=746C8ED5-B463-4F05-A3C5-85B7125FCDBD&amp;auth=ba3d5489cd3fe4b76804aad289d513937bd6fa0e-ef7b838313bce75687cc9997992be139fb24cd0c\" rel=\"nofollow noopener noreferrer\">https:\/\/copa.gcs-web.com\/financial-information\/quarterly-results<\/a>\n      <\/p>\n<p>\n        <b>3Q20 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Date:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Nov 19, 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Time:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11:00 AM US ET (11:00 AM Local Time) <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Conference telephone number:<\/b>\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">877-293-5456 (US Domestic Callers)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">707-287-9357\u00a0(International Callers)<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Webcast:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/imsva91-ctp.trendmicro.com\/wis\/clicktime\/v1\/query?url=https%3a%2f%2fcopa.gcs%2dweb.com%2fevents%2dand%2dpresentations&amp;umid=746C8ED5-B463-4F05-A3C5-85B7125FCDBD&amp;auth=ba3d5489cd3fe4b76804aad289d513937bd6fa0e-0bc54005613580e31ecfcaea807d70d6edc35155\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/copa.gcs-web.com\/events-and-presentations<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Speakers:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Pedro Heilbron, Chief Executive Officer<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Jos\u00e9 Montero, Chief Financial Officer<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<td class=\"prngen23\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>About Copa Holdings <br \/><\/b><br \/>\n        <i>Copa Holdings is a leading Latin American provider of passenger and cargo services. \u00a0The Company, through its operating subsidiaries, provides service to 80 destinations in 33 countries in North, Central and <span class=\"xn-location\">South America<\/span> and the <span class=\"xn-location\">Caribbean<\/span>. For more information visit: <\/i><br \/>\n        <i><br \/>\n          <a target=\"_blank\" href=\"http:\/\/www.copa.com\/\" rel=\"nofollow noopener noreferrer\">www.copa.com<\/a><br \/>\n        <\/i><br \/>\n        <i>.<\/i><br \/>\n        <i>\u00a0<\/i>\n      <\/p>\n<p>\n        <b>CONTACT: <\/b>Copa Holdings S.A. <br \/><b>Investor Relations: <br \/><\/b>Ph: 011 507 304-2774 <br \/><a target=\"_blank\" href=\"http:\/\/www.copa.com\/\" rel=\"nofollow noopener noreferrer\">www.copa.com<\/a>\u00a0(IR section) <\/p>\n<p>\n        <i>This release includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management&#8217;s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings&#8217; filed disclosure documents and are, therefore, subject to change without prior notice.<\/i>\n      <\/p>\n<p>CPA-G<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Copa Holdings, S.A.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income Statement &#8211; IFRS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(US$ Thousands)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbbs prntar prnpl6 prnsblb0 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Unaudited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Unaudited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntac prnpl6 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Unaudited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n              \n            <\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n              \n            <\/td>\n<td class=\"prngen32\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prnsbtb0 prnrbrs prnvab prnsbbs prntac prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Change<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntac prnpl6 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen34\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnrbrs prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Change<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Passenger revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,619<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">685,337<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-96.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,790<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">156.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Cargo and mail revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">596<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-95.9%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">145<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">309.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Other operating revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,167<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,226<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-49.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,597<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Operating Revenue<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen46 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32,382<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>708,210<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-95.4%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>14,532<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>122.8%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Fuel<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,287<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,603<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-99.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">137<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">839.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Wages, salaries, benefits and other employees&#8217; expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,241<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,398<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-61.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,198<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Passenger servicing<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,095<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,204<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-95.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">402<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">172.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Airport facilities and handling charges<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,752<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,022<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-96.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">505<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">246.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Sales and distribution<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,985<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,980<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-88.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,754<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Maintenance, materials and repairs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,079<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,632<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-70.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,505<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,022<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72,876<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-13.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">305,185<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-79.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Flight operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">454<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,572<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(82)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Other operating and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,435<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,047<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-55.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,803<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-26.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Operating Expense<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>139,349<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>575,334<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-75.8%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen44\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>372,408<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-62.6%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Profit (Loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen46\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(106,966)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>132,876<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(357,875)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-operating Income (Expense):<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Finance cost<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,264)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,696)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,056)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-39.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Finance income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,394<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,121<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-28.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,677<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-22.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Net change in fair value of derivatives<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,591<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,198)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Gain (loss) on foreign currency fluctuations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(370)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,641)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Other non-operating income (expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,631)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(350)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Non-Operating Income\/(Expense)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen46\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(11,278)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prnsbtbl prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(16,567)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-31.9%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen46\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(42,628)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-73.5%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Profit (Loss) before taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen46\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(118,245)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>116,309<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(400,504)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen41\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(188)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,332<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen45\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,486)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen42\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen40\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbbs prntal prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Profit (Loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(118,057)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>103,978<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen47\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(386,018)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">n\/m<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>EPS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-2.78<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2.45<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>n\/m<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>-9.08<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>n\/m<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Shares used for calculation:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,509,959<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,487,355<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,511,806<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Copa Holdings, S. A. and subsidiaries\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen45 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated statement of financial position\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(US$ Thousands)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>September<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen54\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen54\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(Unaudited)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0ASSETS\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <u><br \/>\n                    <b>\u00a0Current Assets\u00a0<\/b><br \/>\n                  <\/u><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,263<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">158,733<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Short-term investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">644,137<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">692,403<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen56\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total cash, cash equivalents and short-term investments<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>866,400<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>851,136<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen58\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,669<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">129,634<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable from related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,625<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">147<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Expendable parts and supplies, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77,481<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69,100<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,755<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,034<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid income tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,181<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntal prnpl20 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen60\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,546<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen60\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,206<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen61\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">162,096<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">263,301<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Assets held for sale\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">143,466<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">120,006<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen61\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen62\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL CURRENT ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,171,962<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,234,442<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,503<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">134,347<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term accounts receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,038<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,139<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term prepaid expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,416<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,743<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,203,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,532,402<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Right of use assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229,595<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">290,843<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Intangible, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,771<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108,116<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net pension asset<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,868<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">249<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,714<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,216<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other Non-Current Assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,663<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,881<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen62\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL NON-CURRENT ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,716,318<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,122,935<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen65\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,888,280<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,357,377<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0LIABILITIES\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans and borrowings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">129,667<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,581<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current portion of lease liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,708<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97,732<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,560<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">119,332<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,101<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,086<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Air traffic liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">433,145<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">497,374<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Frequent flyer deferred revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88,219<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80,325<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Taxes Payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,756<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,267<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Employee benefits obligations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,350<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,373<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">883<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,683<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other Current Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">136<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen56\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL CURRENT LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>800,525<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,042,836<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen58\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans and borrowings long-term<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,118,846<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">938,182<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease Liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152,234<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">206,832<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Derivative financial instruments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other long &#8211; term liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">219,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">191,221<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen55\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,283<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,397<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen56\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL NON-CURRENT LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,612,599<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,379,633<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen58\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntal prnpl10 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,413,124<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,422,469<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen53\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0EQUITY\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Issued Capital\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A -33,858,511\u00a0issued and 31,417,714\u00a0 outstanding<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,196<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,142<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B common stock &#8211; 10,938,125<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,466<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,466<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Additional Paid-In Capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">90,125<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86,135<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Treasury Stock<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(136,388)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(136,388)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Retained Earnings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,931,191<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,718,179<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net profit\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(429,801)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">247,002<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen64\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,632)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,628)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen58\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen62\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,475,156<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,934,908<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen63\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen65\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL EQUITY &amp; LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,888,280<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,357,377<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"9\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Copa Holdings, S. A. and subsidiaries\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Consolidated Statement of Cash Flows<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the nine months ended September 30,\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In US$ thousands)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen68\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2018<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen68\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Cash flow (used in) from operating activities\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(75,298)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">548,947<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">377,941<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Cash flow used in operating activities\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,333)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(32,863)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(129,541)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Cash flow from (used in) financing activities\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">141,162<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(446,953)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(316,461)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net increase (decrease) in cash and cash equivalents\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen60\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>63,531<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen60\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>69,131<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen47 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(68,061)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Cash and cash equivalents at January 1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">158,732<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">156,158<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">238,792<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash and cash equivalents at September 30<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 222,263<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 225,289<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen57\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 170,731<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Short-term investments\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">644,137<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">536,084<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">579,246<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Long-term investments\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,503<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">124,169<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">165,865<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total cash and cash equivalents and investments at September 30<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,005,903<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 885,542<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen66\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 915,842<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Copa Holdings, S.A. <br \/><\/b><br \/>\n        <b>NON-IFRS FINANCIAL MEASURE RECONCILIATION<\/b>\n      <\/p>\n<p>\n        <i>This press release includes the following non-IFRS financial measures: Adjusted Operating Profit, Adjusted Net Profit, Adjusted Basic EPS and Monthly Cash Consumption. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:<\/i>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of Adjusted Operating Profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>and Adjusted Net Profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating Profit as Reported<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(106,966)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0132,876<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(357,875)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Unredeemed Ticket Revenue provision reversal<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a012,341<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Fleet Impairment loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0186,807<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Expected Loss on Embraer assets held for sale<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a050,048<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted Operating Profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0(106,966)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen72\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0132,876<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0(108,679)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net profit as Reported<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(118,057)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0103,978<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(386,018)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Unredeemed Ticket Revenue provision reversal<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a012,341<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Fleet Impairment loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0186,807<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Expected Loss on Embraer assets held for sale<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a050,048<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen69\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add: Net change in fair value of derivatives<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(3,591)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a022,198<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted Net Profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0(121,648)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen72\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0103,978<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0(114,624)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of Adjusted Basic EPS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted Net Profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(121,648)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0 \u00a0103,978<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a0(114,624)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Shares used for calculation of Basic EPS<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,510<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,487<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,512<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted Basic Earnings per share (Adjusted Basic EPS)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2.86)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen72\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02.45<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen71\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(2.70)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of Monthly Cash Consumption for 2Q and 3Q 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Beginning Cash balance<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,143<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,127<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Ending Cash balance<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,006<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,143<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net cashflows in the quarter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(137)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Substract: Proceeds from Convertible Notes Offering<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">343<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Substract: Others proceeds (assets sold and other non-op proceeds)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Add: Repayment of short term credit lines<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">95<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash Consumption excluding extraordinary activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(109)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(232)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Monthly Cash Consumption excluding extraordinary\u00a0 activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(36)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen52\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(77)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=MX96770&amp;sd=2020-11-18\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020-301176475.html\">http:\/\/www.prnewswire.com\/news-releases\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020-301176475.html<\/a><\/p>\n<p>SOURCE  Copa Holdings, S.A.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=MX96770&amp;Transmission_Id=202011181630PR_NEWS_USPR_____MX96770&amp;DateId=20201118\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire PANAMA CITY, Nov 18, 2020 \/PRNewswire\/ &#8212;\u00a0Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2020 (3Q20). The terms &#8220;Copa Holdings&#8221; and &#8220;the Company&#8221; refer to the consolidated entity.\u00a0 The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2019 (3Q19). Due to government restrictions on air travel implemented in response to the Covid-19 outbreak, the Company did not provide scheduled commercial service during the first 45 days of the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Copa Holdings Reports Financial Results for the Third Quarter of 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384505","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Copa Holdings Reports Financial Results for the Third Quarter of 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copa Holdings Reports Financial Results for the Third Quarter of 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire PANAMA CITY, Nov 18, 2020 \/PRNewswire\/ &#8212;\u00a0Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2020 (3Q20). The terms &#8220;Copa Holdings&#8221; and &#8220;the Company&#8221; refer to the consolidated entity.\u00a0 The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2019 (3Q19). Due to government restrictions on air travel implemented in response to the Covid-19 outbreak, the Company did not provide scheduled commercial service during the first 45 days of the &hellip; Continue reading &quot;Copa Holdings Reports Financial Results for the Third Quarter of 2020&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T21:33:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=MX96770&amp;sd=2020-11-18\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Copa Holdings Reports Financial Results for the Third Quarter of 2020\",\"datePublished\":\"2020-11-18T21:33:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/\"},\"wordCount\":1706,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=MX96770&amp;sd=2020-11-18\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/copa-holdings-reports-financial-results-for-the-third-quarter-of-2020\\\/\",\"name\":\"Copa Holdings Reports Financial Results for the Third Quarter of 2020 - 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(NYSE: CPA), today announced financial results for the third quarter of 2020 (3Q20). The terms &#8220;Copa Holdings&#8221; and &#8220;the Company&#8221; refer to the consolidated entity.\u00a0 The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2019 (3Q19). 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