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TAP Portugal loses €51 million in first half, still sees positive result for year

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  • TAP Portugal loses €51 million in first half, still sees positive result for year

    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.
    Source: http://www.atwonline.com/news/story.html?storyID=6254

    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.
    TAP - Transportes Aιreos Portugueses

    Voe mais alto. Fly higher.

    www.flytap.com
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