SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
 
Report of Foreign Issuer
 
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
 
Report on Form 6-K dated for the month of December, 2007
 
 
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
 
 
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Complejo Business Park, Torre Norte
Parque Lefevre
Panama City, Panama
(Address of principal executive offices)
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
 
Form 20-F x       Form 40-F o
 
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes o         No x
 
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )
 
 
 
Enclosure: Press Release - COPA HOLDINGS ANNOUNCES 11.4% TRAFFIC GROWTH FOR NOVEMBER 2007
 
Copa Holdings Announces 11.4% Traffic Growth for November 2007

PANAMA CITY, Dec. 10 /PRNewswire-FirstCall/ -- Copa Holdings, S.A.
(NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries, today released preliminary passenger traffic statistics for November 2007:
 
 
November
  
November
  
Change
  
 
2007
  
2006
  
(%)
  
Copa Holdings                    
(Consolidated)                    
ASM (mm) (1)
    
662.0
    
592.6
    
11.7
%
RPM (mm) (2)
    
500.5
    
449.4
    
11.4
%
Load Factor (3)
    
75.6
%
  
75.8
%
  
-0.2 pp
 
                     
Copa Airlines
                    
ASM (mm) (1)
    
535.7
    
461.6
    
16.1
%
RPM (mm) (2)
    
419.9
    
367.0
    
14.4
%
Load Factor (3)
    
78.4
%
  
79.5
%
  
-1.1 pp
 
                   
Aero Republica
                    
ASM (mm) (1)
    
126.3
    
130.9
    
-3.6
%
RPM (mm) (2)
    
80.6
    
82.4
    
-2.2
%
Load Factor (3)
    
63.8
%
  
63.0
%
  
0.9 pp
 
                     
1.
Available seat miles - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.
2.
Revenue passenger miles - represents the numbers of miles flown by revenue passengers
3.
Load factor - represents the percentage of aircraft seating capacity that is actually utilized
 
For the month of November 2007, Copa Holdings' system-wide passenger traffic (RPM) increased 11.4%, while capacity (ASM) increased 11.7%. System load factor for November 2007 was 75.6%, a 0.2 percentage point decrease when compared to November 2006.
 
Copa Airlines passenger traffic (RPM) for November 2007 increased 14.4% while capacity (ASM) increased 16.1%. This resulted in a load factor of 78.4%, a 1.1 percentage point decrease when compared to November 2006.
 
Aero Republica passenger traffic (RPM) for November 2007 decreased 2.2%, while capacity (ASM) decreased 3.6%. Aero Republica's load factor for the month was 63.8%, a 0.9 percentage point increase when compared to November 2006.
 
Copa Holdings, through its Copa Airlines and Aero Republica operating subsidiaries, is a leading Latin American provider of passenger and cargo service. Copa Airlines currently offers approximately 126 daily scheduled flights to 40 destinations in 21 countries in North, Central and South America and the Caribbean. In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through code share agreements with Continental Airlines and other airlines. Aero Republica, the second-largest domestic carrier in Colombia, provides service to 12 cities in Colombia as well as international connectivity with Copa Airlines' Hub of the Americas through flights from Bogota, Bucaramanga, Cali, Cartagena and Medellin. CPA-G
 
Joseph Putaturo - Panama, Director-Investor Relations of Copa Holdings, S.A., +1-507-304-2677
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
Copa Holdings, S.A.
(Registrant)
Date:  12/10/2007
 
By:  /s/ Victor Vial
Name: Victor Vial
Title: CFO