We're very grateful for the more than 15 years of outstanding work he dedicated to Copa.
Daniel has over 12 years of experience with the company in many areas, including airports, scheduling and most recently, fleet and network planning.
In terms of capacity, we reached 48% of second quarter 2019 ASMs compared to 39% in the first quarter.
Load factor came in at 77%, which is an improvement of eight percentage points compared to the first quarter.
Revenues increased by 64% over the previous quarter to $304 million, as a result of the additional capacity, higher load factors and improved yields.
The additional capacity also allowed us to reduce our ex fuel CASM from $0.085 in Q1 to $0.076 in Q2.
We reported an operating profit of $8.7 million in the quarter.
Excluding a $10.4 million passenger revenue adjustment the company would have reported an operating loss of $1.7 million.
Cash accretion averaged $21 million per month, which was better than our expectations, primarily due to stronger sales in the quarter.
We ended the quarter with a cash balance of $1.3 billion and total liquidity of over $1.6 billion.
In terms of our operations and despite the complexity imposed by the multiple biosafety protocols, we're pleased to report an on-time performance of 92% for the quarter and a flight completion factor of 99.5%, which again, places us among the best in the world and is a true testament to our employees' continuous commitment to providing a world-class product to our passengers.
We can report that it's now operating six 737-800s compared to the four it operated pre-pandemic.
Our capacity came in at $2.9 billion available seat miles, which amounts to about 48% of the capacity operated during the second quarter of 2019.
Load factor came in at an average of 77% for the quarter.
We reported a net profit of $28.1 million or $0.66 per share.
Excluding special items, we would have reported a net loss of $16.2 million or a loss of $0.38 per share.
Special items for the quarter are comprised mainly of an unrealized mark-to-market gain of $33.9 million, related to the company's convertible notes issued in 2020 and $10.4 million in revenues related to unredeemed tickets, which corresponds to sales made during 2019 and early 2020.
We reported a quarterly operating profit, which came in at $8.7 million.
On an adjusted basis, not including the $10.4 million in unredeemed ticket revenues, we had an adjusted operating loss of $1.7 million for the quarter.
It's worth noting that we achieved this result while operating at 48% of our pre-COVID capacity.
Unit costs, excluding fuel for the second quarter came in better than the first quarter at $0.076 per ASM, driven by quarter-over-quarter capacity growth as well as our continued focus on maintaining the savings achieved during the past year.
We continue with our cost savings initiatives, and we are targeting to achieve our unit cost below $0.06 once we reach 100% of our pre-COVID-19 capacity.
Aside from our cost performance, our operating results for the quarter were driven primarily by our yields, which at $0.119 on an underlying basis, came in 1% better than those in Q2 2019.
We also achieved cash accretion of approximately $21 million per month for the quarter, which is ahead of our expectation and driven mainly by increased sales during the period as well as some timing of operational cash outflows.
As of the end of the second quarter, we had assets of close to $4.1 billion and our cash, short and long-term investments ended at $1.3 billion.
We also ended the quarter with an aggregate amount of $345 million in unutilized committed credit facilities, which added to our cash brought our total liquidity to more than $1.6 billion.
In terms of debt, we ended the quarter with $1.6 billion in debt and lease liabilities, similar levels to the ones reported for the end of the first quarter.
And in the month of July, we delivered the last remaining Embraer-190 aircraft in our fleet.
During the month of July, we also entered into an agreement for the sale of six 737-700s and decided to keep in our fleet the remaining six 737-700s.
We ended the second quarter with 81 aircraft.
68 737-800s and 13 737-MAX9s.
In these figures, we include our 737-800s that were sent to temporary storage during 2020.
During the fourth quarter, we expect to receive two more 737 MAX 9s and considering we are now keeping the six 737-700s, we expect to end the year with a total of 89 aircraft.
We -- We expect capacity to be approximately 70% of Q3 2019 levels at about $4.5 billion ASMs, revenues to be approximately 58% of Q3 2019 levels at about $415 million.
We expect our CASM ex fuel to be approximately $0.66, a decrease of 14% versus the second quarter.
Given these operating assumptions, an all-in fuel price of $2.15 per gallon, as well as the incremental capex that we will incur during the quarter to reactivate our fleet, we expect to be cash neutral for the third quarter.

Summary:
We reported a net profit of $28.1 million or $0.66 per share.
Excluding special items, we would have reported a net loss of $16.2 million or a loss of $0.38 per share.
We expect our CASM ex fuel to be approximately $0.66, a decrease of 14% versus the second quarter.