Pedro Heilbron: So Bruno, I’ll say 3 things, 3 general concepts that are important coming out of the pandemic. And they are playing in different directions. So the number one surprise out of the pandemic was that demand came back a lot quicker than what anyone expected. And it has remained strong overall in our region, in the Americas and it is still robust through the day. So of course, demand has been a positive change. The other, I would say, surprised coming out of the pandemic which works in a different direction in the opposite direction. It’s how much growth there has been in aviation, in our region, how much growth by the airline industry in general, that also surprised us coming out. So capacity came back quicker than what we would have expected and it’s actually above pre-pandemic levels.
And then the third concept I want to share which is more a Copa-specific is that we work really hard during the pandemic, even while we were shut down for almost 5 months, we never stopped working on 2 things and one was working on our cost, on the cost side, on doing all the investments and changes that were going to make us more efficient going forward, including Copa Connect, a lot of technological enhancements and same thing for revenues which, in a way, some are related to Copa Connect, others are not. So we’ve worked very hard in our revenue-related technology, on the revenue team and we are a much more efficient, competitive airline from the revenue side and from the cost side. So I would say those are 3 general concepts that have a lot to do with where we are today.
Bruno Amorim: And in terms of the competitive dynamics, what can you comment?
Pedro Heilbron: Growth competitive is dynamic. It’s growing. It’s strong. It’s now mostly LCCs or ULCCs, in our region. Most of our competitors are ULCCs or LCC, either because they were born that way or they converted to that model. So that in a way has made us become a lot more efficient and that’s the vision we had from before. So we were not surprised. We were preparing for this from way back and we’re meeting the challenge. We have the tools. We have a strong network. We have the hub, we have the cost and we’re still working on additional efficiency. And we think there’s room for all. I mean we’ve done — our success is not dependent on the failure of others, especially if the market continues on a healthy pace. But we worry about ourselves and we’re just making — we’re just making Copa a better, more competitive airline. But yes, competition has grown. And right now, many of our competitors are growing actually at a faster rate than we are.
Operator: Our last question comes from Savi Syth with Raymond James.
Savi Syth: If I might, just curious if you can honing on business demand. It seems like there’s a slight pickup in other regions. And I’m wondering if you’re seeing that in? And particularly in Panama, I’m wondering if the drought is having any impact or the economy is still pretty strong?
Pedro Heilbron: Yes. So business demand has not changed much from the previous 2 quarters. It used to be above 30%. It’s now in the 25% range but it has been replaced by, I would say — I mean, by leisure but also by the higher segment of leisure travelers because we’re doing better in business class revenues than what we were doing pre-pandemic and with less business demand. So in a way, it has been replaced. We’re not missing it, even though we’re happy to see it grow and hopefully, will grow at a faster pace in the future. The Panama Canal, of course, has been affected by the El Nino drought in the region and it has restricted the transit of ships but it’s not having, I would say, a significant impact on the economy of Panama.
The economy is still expected to be one of the fastest-growing economies in Latin America. And in spite of the adjustments the Panama Canal needs to make because of El Nino. But again, it’s not having a drastic impact on our economy. And it’s still a small percent of the revenues are being affected in a way — in the news is probably exaggerating the problem.
Operator: That concludes the question-and-answer session. At this time, I would like to turn the call back to Pedro Heilbron for closing remarks.
Pedro Heilbron: Thank you. Thank you, operator. So thank you to all. This concludes our earnings call. As always, thank you for participating and special thanks for your continued support to Copa Holdings. So I hope you have a great day.
Operator: Ladies and gentlemen, thank you for your participation. That concludes the presentation. You may now disconnect and have a wonderful day.
