{"id":127291,"date":"2022-05-28T19:30:00","date_gmt":"2022-05-28T19:30:00","guid":{"rendered":"https:\/?p=127291"},"modified":"2022-05-28T21:35:55","modified_gmt":"2022-05-28T21:35:55","slug":"tap-reduced-its-losses-in-first-quarter","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/05\/tap-reduced-its-losses-in-first-quarter.html","title":{"rendered":"TAP reduced its losses by 66.7% in first quarter, to 121.6 million"},"content":{"rendered":"\n

Portuguese airline TAP <\/strong>lost \u20ac121.6 million in the first quarter, a 66.7% improvement over the red numbers in the same period of 2021, after tripling its operating income.<\/p>\n\n\n\n

“The activity presented significant improvements compared to the first quarter of 2021 and showed that the company is returning to pre-pandemic 2019 operating levels in a consistent and progressive manner,” the company said in a statement sent to the market Friday.<\/p>\n\n\n\n

\u2192 Ryanair believes Portuguese government will sell TAP to Iberia.<\/a><\/em><\/strong><\/p>\n\n\n\n

Operating revenues tripled compared to the first three months of 2021 – when Portugal was under confinement – to \u20ac490.6 million, which is also 80 % of the figure for the same period in 2019, EFE reported.<\/p>\n\n\n\n

This growth was driven mainly by passenger revenues: TAP carried 2.1 million travelers, five times more than in the first quarter of last year, and stands at 62 % of pre-pandemic levels.<\/p>\n\n\n\n

In addition, between January and March TAP operated three times as many flights as a year earlier, with the reopening of nine destinations that had been temporarily suspended.<\/p>\n\n\n\n

Improved revenues from the cargo segment (+45.3%) and maintenance (+37.5%) also contributed.<\/p>\n\n\n\n

Operating expenses grew by 46.3%, mainly due to higher fuel and traffic operations costs, while personnel costs fell by 32%, with a reduction of 828 employees compared to the March 2021 headcount.<\/p>\n\n\n\n

\u2192 Azores Airlines will fly between Ponta Delgada and Barcelona from June onwards.<\/a><\/em><\/strong><\/p>\n\n\n\n

In total, the airline currently has 6,698 employees.<\/p>\n\n\n\n

EBITDA stood at 58.1 million thanks to “significant progress in the implementation” of the restructuring plan, according to TAP’s CEO, Christine Ourmi\u00e8res-Widener.<\/p>\n\n\n\n

The European Commission gave the green light to state aid of around 3.2 billion euros for TAP in exchange for a restructuring plan that requires, among other considerations, the divestment of three companies considered “non-core”.<\/p>\n\n\n\n

One of them was the maintenance business in Brazil -with around half a thousand workers-, which the group decided to close gradually instead of trying to sell it, in view of the losses it was accumulating.<\/p>\n\n\n\n

The Portuguese state currently holds 100 % of the airline’s capital.<\/p>\n\n\n\n

It also owns 72.5% of the TAP group, which includes the maintenance business in Brazil, stakes in ground handling and catering companies and the regional airline Portug\u00e1lia.<\/p>\n\n\n\n

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