Portuguese TAP revenues soar in third quarter
Portuguese airline TAP posted a third-quarter profit of 111.3 million euros, compared with a loss of 134.5 million euros in the same period last year, the company said Wednesday in a statement sent to the Portuguese Securities Market Commission (CMVM).
“TAP is confirming the solidity of its performance in the third quarter, with all financial metrics above pre-crisis levels, despite the increase in fuel costs,” said TAP CEO Christine Ourmières-Widener today.
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The airline recalled that it has recorded a third quarter affected by industry disruptions, in addition to operational challenges including the software change in the NAV (TopSky) systems, “which significantly reduced activity at the airport in the past weeks.”
Losses through September were €90.8 million, an 85.5% improvement compared to the same period in 2021.
Operating revenues reached 2,440.1 million through September, up 195.1%.
Between July and September alone, TAP recorded 1.1 billion in operating revenues, “exceeding pre-crisis levels by 7.5%, which enabled the company to achieve an unprecedented financial performance”.
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Operating costs for the first nine months of the year rose 79 % to 2,286 million euros.
Fuel costs reached 781 million euros, almost three times higher than a year earlier.
Passenger numbers rose 196 % to 10.1 million, up from 4.3 million in the third quarter, reaching 85 % of what was recorded in the same period of 2019.
Recurring ebitda reached 280.1 million (609.7 million more), “above pre-crisis levels despite the increase in fuel costs”.
Ourmières-Widener informed that the next “decisive” steps to be taken are to discuss with the workers more modern Collective Labor Agreements”, improve operations and service quality, the “constant” negotiation of third party contracts and the preparation of next year, reported EFE.
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