Copa 737-800. Courtesy, Boeing

Copa Holdings, parent of Panama's Copa Airlines and Copa Airlines Colombia, posted first-quarter net income of $95.9 million, up 1.6% over a net profit of $94.4 million in the prior-year period.

The company continued its fast pace of growth, increasing first-quarter traffic 22.4% year-over-year to 2.95 billion RPMs on a 22.8% rise in capacity to 3.83 billion ASMs, producing a load factor of 77.2%, virtually flat year-over-year. Yield heightened 6.4% to 13.7 cents.

Quarterly revenue jumped 29.5% to $543.3 million while expenses rose 34.9% to $431.7 million, including a 47.1% increase in aircraft fuel costs to $170.9 million. Operating income was $111.6 million, up 12%.