Panama Airline Copa, Grounded Due to Pandemic, Reports 98% Drop In Revenue

Panama’s Copa Airlines on Wednesday reported that it earned almost no income between April and June, with revenue falling 98% as coronavirus-related measures virtually shuttered the Panama City airport that serves as its home base, Reuters reported. Panama’s tough anti-coronavirus measures, including a travel ban that will go at least through August, has also become a radical test of Copa’s resilience. In normal times, Copa is considered Latin America’s most financially successful airline, known for steady profits, low debt and a strong cash position. But in the second quarter, Copa earned only $14 million in revenue but spent $400 million keeping the business running, it said in an earnings release. As a result, it swung to a $386 million net loss from a $50 million profit a year earlier. Read more