TAP loses almost €600M in Brazil

National carrier TAP has accumulated losses of €593 million from its maintenance and engineering operation in Brazil over 13 years.

In 2021 alone, the last year of operation, the department which employed 385 lost €84.3 million. It closed down in May.
According to the news source Público and based on data supplied by Sérgio Palma Brito in his book “Does TAP have a future?”, recent company reports for TAP ME conclude that accumulated losses since 2008 topped €593 million of which €84.3 million were posted for 2021.
In addition to these losses, TAP SGPD registered losses of €11.8 million from Portugália and €7.8 million from Groundforce.
TAP SA suffered a loss of €1.599Bn as a result of closing its maintenance operations in Brazil. The numbers point to an impairment of €884.7 million from its holding which the airline justifies on the grounds of “an accumulated number of transfers of funds” for the maintenance operation in Brazil to meet cashflow needs”.