TAP registers losses of €356M for Q1

TAP recorded losses of €365 million for the first three months of the year because of the Europe-wide lockdown.

€109.8 million of the net loss result had to do with net exchange differences. “Most of this resulted from the depreciation of the euro on the dollar”, informed TAP in a statement sent to the Portuguese securities and stock market commission CMVM.
“The first quarter results were significantly affected by the impact of Covid-19, with capacity and operational revenues falling 81% and 74% in like-for-like terms, respectively”, states TAP.
While TAP’s EBITDA was €-104.1 million, revenues fell 74% at the start of 2020 to €150 million.
Remarking on the Emergency agreements, with salary reductions for each professional group, the classic lay-off scheme, the adoption of work hour reductions and voluntary redundancy packages, as well as the transfer of workers to Portugália, the company considerably reduced its staff costs by about 30% like-for-like with the company stating “it is expected that the impact of voluntary measures will be greater over the next quarters”.