TAP Air Portugal trims first-quarter losses

Tap Air Portugal trimmed losses in the first quarter of the year with an improved operational performance.

The Portuguese flag carrier reported a net loss of €71.9 million, an improvement of €14.5 million year-on-year and €34.7 million compared to to first quarter of 2019.

Operating revenues for the three months to March 31 improved by 3.1% to €862 million as passenger carryings edged up by 0.3% as capacity grew by 3.8%.

The airline’s fleet comprises of 22 wide-body long-haul Airbus A330s, 58 narrow-body Airbus A319/A320/A321neos and 19 regional aircraft.

Chief executive Luís Rodrigues said: “In the first quarter of 2024 we continued the structural transformation that TAP required. 

“The investment in our people, including the termination of salary cuts, inflationary adjustments and new collective labour agreements have an immediate impact on the bottom line but it will continue to pay off.

“We were able to increase capacity, carry more passengers and improve load factor when compared to 1Q ’23, which translated into increased revenue, significantly lower disruptions, improved punctuality and regularity on a substantially congested infrastructure.

“We trust fully in our people, and we know we will be up to the challenge of a strong summer, with a significant increase in frequencies to the Brazilian and North American markets. 

“Our focus and commitment remain unchanged – to establish TAP into a sustainably profitable airline and as one of the most attractive companies in the sector for all our stakeholders.”

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