Portuguese airline TAP ended the first quarter of 2023 with a loss of 57.4 million euros. The information was communicated this Tuesday to the Portuguese Securities Market Commission (CMVM).

However, the airline stressed that despite the loss, there is "a significant improvement when compared to the first quarters of 2022 and 2019".

Even so, TAP highlights that there was "strong growth" in activity in the first quarter, with the number of passengers and capacity surpassing pre-crisis levels in the first quarter of 2019 and generating an increase in revenue to 835.9 million euros, supported by "better utilization levels" of fleet capacity.

"The number of passengers carried by TAP in the 1st quarter increased by 66.9% compared to the same period of 2022 and surpassing the levels of the 1st quarter of 2019, while operating 34.2% more flights than in the 1st quarter of 2022 or 92% of the same period of 2019," said TAP CEO Luís Rodrigues, quoted in the statement.