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 July, 2008
 
 
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: COPA HOLDINGS ANNOUNCES MONTHLY TRAFFIC STATISTICS FOR THE MONTH OF JULY 2008
 
 
 

PRESS RELEASE
CONTACT:
Joseph Putaturo - Panamá
   
Director-Investor Relations
 
 
(507) 304-2677

 
COPA HOLDINGS ANNOUNCES MONTHLY TRAFFIC STATISTICS FOR JULY 2008

 
PANAMA, August 11, 2008 - Copa Holdings, S.A. (NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries, today released preliminary passenger traffic statistics for July 2008:
 

Copa Holdings (Consolidated)
    
July
2008
    
July
2007
    
Change
(%)
  
ASM (mm) (1)
    
766.3
    
700.8
    
9.3
%
RPM (mm) (2)
    
619.7
    
560.5
    
10.6
%
Load Factor (3)
    
80.9
%
  
80.0
%
  
0.9 p.p.
  
 
Copa Airlines
ASM (mm) (1)
    
632.3
    
548.9
    
15.2
%
RPM (mm) (2)
    
534.8
    
466.8
    
14.6
%
Load Factor (3)
    
84.6
%
  
85.0
%
  
-0.5 p.p.
  
 
Aero Republica
ASM (mm) (1)
    
134.0
    
151.9
    
-11.8
%
RPM (mm) (2)
    
85.0
    
93.7
    
-9.4
%
Load Factor (3)
    
63.4
%
  
61.7
%
  
1.7 p.p.
  
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 July 2008, Copa Holdings’ system-wide passenger traffic (RPM) increased 10.6%, while capacity (ASM) increased 9.3%. System load factor for July 2008 was 80.9%, a 0.9 percentage point increase when compared to July 2007.
 
Copa Airlines passenger traffic (RPM) for July 2008 increased 14.6%, while capacity (ASM) increased 15.2%. This resulted in a load factor of 84.6%, a 0.5 percentage point decrease when compared to July 2007.
 
 
1
 
 
 
 
Aero Republica passenger traffic (RPM) for July 2008 decreased 9.4%, while capacity (ASM) decreased 11.8%. Load factor for the month was 63.4%, a 1.7 percentage point increase when compared to July 2007. Capacity reduction came as a result of Aero Republica’s ongoing transition to smaller gauge EMBRAER-190 aircraft.
 
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 41 destinations in 22 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. Additionally, in May 2008, Aero Republica increased international service by launching direct daily flights to Caracas, Venezuela from the cities of Bogota and Medellin.
 
CPA-G
 
 
 
 
2
 
 
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:  08/11/2008
By:  /s/ Victor Vial
Name:  Victor Vial
Title:  CFO