Copa Holdings, S.A. (NYSE:CPA) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET
Company Participants
Daniel Tapia - Investor Relations
Pedro Heilbron - Chief Executive Officer
Jose Montero - Chief Financial Officer
Conference Call Participants
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Copa Holdings Second Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being webcast and recorded on August 4, 2022.
Now, I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may now begin.
Daniel Tapia
Thank you, Catherine. And welcome everyone to our Second Quarter earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings and Jose Montero, our CFO. First, Pedro will start by going over our second quarter highlights, followed by Jose, who will discuss our financial results. Immediately after, we will open the call for questions from analysts.
Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today's call, we will discuss non-IFRS financial measures. A reconciliation of the non-IFRS to IFRS financial measures can be found in our earning's release, which has been posted on the company's website copa.com. Our discussions today will also contain forward-looking statements, not limited to historical facts that reflect the company's current beliefs, expectations and/or intentions regarding future events and results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC.
Now, I'd like to turn the call over to our CEO, Mr. Pedro Heilbron.
Pedro Heilbron
Thank you, Daniel. Good morning to all and thanks for participating in our second quarter earnings call. Before we begin, I'd like to thank all our co-workers for their commitment, to the company, and recognize their continuous efforts and dedication to keep Copa at the forefront of Latin American aviation. To them, as always, my utmost respect and admiration.
As all of you are aware, the significant increase in jet fuel prices has put serious pressure on the operating cost of the entire airline industry. This impact was especially noticeable in the second quarter in which in our case, the effective price of jet fuel increased more than 86% when compared to the same period in 2019. On the positive side, passenger yields for the quarter came in higher by 10.1%, partially offsetting the additional fuel costs. The combination of these two factors plus our ability to control our non-fuel related cost enabled us to deliver a 6.1% operating margin and an adjusted net profit of $13.2 million in Q2.