TAP Portugal posted a 51 million ($65.2 million) loss in the first six months of 2006, a 3 million improvement compared to a 54 million loss in the year-ago period, and the carrier said its board of directors still hopes to end 2006 "with positive financial results."
All other indicators of the company's activity "showed a positive trend," TAP reported, highlighted by a 17% increase in operating revenue to 710 million from the 606 million generated in the first six months of 2005.
Expenses climbed 14.8% to 675 million, driven by a 41% rise in fuel costs to 167 million. TAP said unfavorable exchange rates between the US dollar and Brazilian real cost the company 12 million. EBITDAR doubled to 34 million. Operating result was a negative 34 million compared to a negative 39 million in 2005.
The Air Transport Business Unit saw six-month revenues jump 17% to 573 million while the Cargo Division's turnover rose 24% to 41 million. The Maintenance & Engineering Unit earned 58 million, a 25% year-over-year increase. Passengers grew 3.8% to 3.1 million as load factor remained steady at 70.8%.
Separately, TAP said it will continue serving Venice during its winter schedule beginning Oct. 29, offering daily service from Lisbon. It also will operate daily flights to Bologna and thrice-weekly service to Zagreb.
All other indicators of the company's activity "showed a positive trend," TAP reported, highlighted by a 17% increase in operating revenue to 710 million from the 606 million generated in the first six months of 2005.
Expenses climbed 14.8% to 675 million, driven by a 41% rise in fuel costs to 167 million. TAP said unfavorable exchange rates between the US dollar and Brazilian real cost the company 12 million. EBITDAR doubled to 34 million. Operating result was a negative 34 million compared to a negative 39 million in 2005.
The Air Transport Business Unit saw six-month revenues jump 17% to 573 million while the Cargo Division's turnover rose 24% to 41 million. The Maintenance & Engineering Unit earned 58 million, a 25% year-over-year increase. Passengers grew 3.8% to 3.1 million as load factor remained steady at 70.8%.
Separately, TAP said it will continue serving Venice during its winter schedule beginning Oct. 29, offering daily service from Lisbon. It also will operate daily flights to Bologna and thrice-weekly service to Zagreb.
I hope that they will turn a profit this year after a 10 million loss last year.
On a side note, TAP will add 15 weekly flights to London during the winter schedule bringing the total to 78.
Regards.