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Copa Holdings (CPA) is the parent of Copa Airlines and Aero Republica which provide airline service throughout Latin America. Second quarter financials came in with what could probably be called outstanding results in the face of the increased fuel prices encountered during the quarter.

Fuel cost increased $37 million (56% increase in price per gallon) over Q2, 2007, more than the net income left of $30.4 million. In testament to Copa’s growth, the net income is essentially equal to the Q2, 2007 results and provide earnings of 70¢ per share for the quarter. The fuel cost penalty shows up whe

With oil prices going through the roof, it is nice to see an airline generate some decent profits. Copa Holdings (CPA) is the parent of Panama based Copa Airlines and Columbia based Aero Republica. Earnings for Q1, 2008 were 91¢ per share compared to $1.12 for the same quarter a year ago (See Transcript). As one could easily guess, higher fuel prices put a dent in the earnings, with average fuel costs 35% higher for the quarter. Other revenue numbers showed some nice growth (all of the numbers are YoY quarter growth):<!---->

• Total revenue increased 21.9%.
• Revenue passenger miles increased 13.