TAP closed the first six months of the year with a loss of 202.1 million euros, less than half of the 493 million it had accounted for in the same period of 2021. The operating result was positive by 4.4 million.

The strong recovery in traffic allowed for a 938% increase in revenues to 1,321.2 million. Looking at the second quarter alone, turnover was 99% of that recorded between April and June 2019, before the pandemic.

With more planes in the air, traffic operating costs rose 179% to 302 million, as did fuel expenses, which rose 312% to 409 million, in a context where jet fuel was more expensive. Personnel expenses, on the other hand, dropped 14.6% to 187.7 million. Overall, operating expenses jumped 556% to 1,316.8 million.

According to Eco Online, the company's operating income was a minus in the half year, totaling 4.4 million against -377.4 million in the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) was also positive, rising from -140.8 million to 235.5 million between January and June.

Second Quarter Revenues Return to Pre-Pandemic

The recovery in sales was felt even more strongly in the second quarter, thanks to the 3.72 million passengers carried. Operating revenues reached 830.6 million, being almost identical (99%) to those recorded between April and June 2019, before the pandemic, emphasizes TAP.

Aircraft seat supply was within 81% of 2019 levels, with revenue per seat offered exceeding the same pre-pandemic period by 8.5%.

"The second quarter saw very healthy demand and higher revenue per passenger, which allowed us to offset the increase in costs. The context remains difficult and the demand outlook for the fourth quarter and next year remains uncertain. The implementation of the restructuring plan remains crucial," notes Christine Ourmières-Widener in the announcement of the results.