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Portuguese Airline TAP Halves First-Half Losses

By Dave Simpson

Portuguese airline TAP more than halved first-half losses to €202 million, it has said, citing a strong demand recovery once COVID-19 restrictions ended.

Details

Total operating income in the six months to 30 June more than tripled from a year earlier to €1.3 billion and passenger revenue jumped nearly fivefold to €1.1 billion.

The airline posted a €493 million loss for the first six months of last year.

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"The second quarter saw very healthy demand and higher revenue per passenger, which allowed us to offset the increase in costs," chief executive Christine Ourmieres-Widener said in a statement.

The airline, which is 72.5% controlled by the Portuguese state, is under a Brussels-approved rescue plan worth 3.2 billion euros and was forced to reduce its fleet size, cut more than 2,900 jobs and reduce wages.

Under the restructuring plan, TAP is also required to wind down its aircraft maintenance business in Brazil.

"Prospects"

"Prospects for the fourth quarter and next year remain uncertain. The execution of the restructuring plan remains key," Ourmieres-Widener added.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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