TAP Air Portugal achieves record profit before privatization

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TAP Air Portugal released a record profit of 180.5 million euros in the third quarter of 2023, in increase of 62.2% compared to the same period last year.

This is the highest quarterly result” since the Portuguese airline published quarterly accounts, while over the first nine months of this year its profit stood at 203.5 million euros, compared to a loss of 90.8 million euros between January and September 2022, said the Portuguese public company which is in the process of being privatized.

Its turnover amounted to 1.2 billion euros in the third quarter, an increase of 12.5% ​​year-on-year, and to 3.2 billion from January to September, which represents a jump of 29.7%. The number of passengers carried increased by 5.2% between July and September, and by 19.5% over the first nine months of the year, to 12.1 million passengers.

Third quarter results are encouraging“, welcomed Luis Rodrigues, its general director, adding that the company was taking “solid measures” For “accelerate the recovery after the last two difficult years“. “The significant increase in turnover” and the “strong debt reduction trajectory, prove the financial solidity of the group in a difficult context“, he stressed.

Urgently renationalized in 2020 during the health crisis, TAP Air Portugal benefited from a rescue plan of 3.2 billion euros financed by the State but accompanied by a restructuring plan negotiated with the European Commission. At the end of September, the Lisbon government officially launched the privatization of at least 51% of the capital of the Portuguese flag carrier, attracting the interest of European airline groups, Air France-KLM, Lufthansa Group and IAG (British Airways and Iberia).

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