Copa Holdings (NYSE CPA) released the March results for there airlines CM and P5.
For the month of March 2006, Copa Holdings' system-wide passenger traffic (RPM) increased 23.6%, while capacity (ASM) increased 22.8%. System load factor for March 2006 reached 71.1%, an increase of 0.5 p.p. when compared to March 2005.
Copa Airlines passenger traffic (RPM) for March 2006 increased 32.9%, while capacity (ASM) increased 22.4%. This resulted in a 6.2 p.p increase in load factor when compared to March 2005. (Average load factor of 78.8% compared to 72.6% in 2005)
AeroRepublica passenger traffic (RPM) for March 2006 decreased 10.4%, while capacity (ASM) increased 23.9%. AeroRepublica's load factor for the month was a brutally low 46.4%. We have to consider that a lot of new routes have been opened and capacity has increased, but these numbers are too disappointing.
What is going on? P5 cant be that bad, and they are now part of onepass and owned by the largest airline group in Central America. I think CM needs to seriously consider integrating P5 operations into CM and getting rid of AeroRepublica's image once and for all. This is IMO the only way P5 can be turned around from the disaster it is turning out to be.