TAP Portugal cuts first-half losses in half
Portugal’s TAP more than halved first-half losses to 202 million euros, the airline said on Tuesday, citing a strong recovery in demand after COVID-19 restrictions ended.
Total operating revenue in the six months to June 30 more than tripled from a year earlier to €1.3 billion and passenger revenue nearly quintupled to €1.1 billion.
TAP posted a loss of 493 million euros during the first six months of last year.
→ Portuguese airline TAP resumes its regular flights to Venezuela.
“The second quarter saw very healthy demand and higher revenue per passenger, which allowed us to offset rising costs,” CEO Christine Ourmieres-Widener said in a statement.
The airline, controlled 72.5% by the Portuguese state, is under a rescue plan approved by Brussels worth 3.2 billion euros and has been forced to reduce the size of its fleet, cut more than 2,900 jobs and reduce wages.
Under the restructuring plan, TAP must also liquidate its aircraft maintenance business in Brazil.
“Prospects for the fourth quarter and next year remain uncertain. The execution of the restructuring plan remains key”, added Ourmieres-Widener.
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