Wingo (Colombia) (P5, Bogotá) will complete its fleet rollover from B737-700s to B737-800s by the end of the first quarter of 2020, Copa Holdings Chief Executive Pedro Heilbron said during a quarterly investors' call.

"In the first quarter of 2020, we'll update the Wingo fleet to -800s, which will further lower unit costs and improve profitability. Later in the year, Wingo will also start operating its fifth aircraft, which will be based in Panama," he said.

Wingo, a virtual carrier chartering all aircraft from its parent holding, was launched with four B737-700s from Copa Airlines Colombia (P5, Bogotá). It recently started operating -800s chartered directly from Copa Airlines (CM, Panamá City Tocumen Int'l) but with no single aircraft dedicated to Wingo for the long-term.

Heilbron pointed out that Wingo currently contributes only 2% to Copa Holdings revenues but is nonetheless an important part of the group's strategy.

Copa Holdings is also planning to establish a sister low-cost carrier in its home market in Panama, Wingo (Panama). The Panamanian unit was initially due to launch in 2019 but its start was deferred to the second quarter of 2020 due to the ongoing B737 MAX grounding.