TAP profits to September €118.2 million

TAP posted a profit of €118.2 million in the first nine months, a period in which it increased revenues from tickets and the aircraft maintenance business. The result benefits from the €117.8 million profit achieved between July and September – the strongest months for aviation.

“We are satisfied with our performance in the third quarter, despite the two major challenges faced: the difficult situation of managing European airspace, and the significant exchange rate devaluations,” said Luís Rodrigues, tap’s CEO, quoted in the statement.

The net result of €118.2 million is 85.3% below the same period of the previous year, when salary reductions were still in force at the company. The accounts were also penalised by €39.5 million in exchange losses, unlike the same period last year, when there was a gain of €33.8 million.

Tap recorded an increase of 2.8% in operating revenues in the first nine months of the year, to 3,253 million euros, benefiting from increased capacity (2.3%) and aircraft occupancy rate, which reached 82.9%. It carried 12.3 million passengers, an increase of 1.55% compared to 2023. Maintenance revenues increased significantly from 39.8% to 165.5 million.

Operating expenses rose 4.4% to €596.1 million, mainly due to the 31.8% increase in personnel costs. The fuel charge went down by 2.4%.

The recurring operating result was €377.8 million, 5.7% down on 2023, leading the margin to decrease by one percentage point to 11.6%. EBITDA (earnings before interest and tax charges, depreciation and amortisation) totalled €725.6 million, 2.8% less than in the same period last year, with the EBITDA margin shrinking 1.2 percentage points to 21.7%.