TAP returns to profit and posts net income of 65.6 million in 2022

TAP regressa aos lucros e apresenta resultado líquido de 65,6 milhões em 2022

The Portuguese airline (TAP) transported a total of 13.8 million passengers last year, ?an increase of 136.1% compared to the previous year and reaching 81% of 2019 levels?, reads a statement.

Last year, TAP achieved a net profit of 65.6 million euros. The figure, announced this morning, represents an increase of 1,664.7 million euros compared to 2021. The airline thus returns to positive results, something that had not happened since 2017.

In what is considered the first post-pandemic year and without transport restrictions, TAP's revenues reached an all-time high of 3,485 million euros, 151% above fiscal year 2021.

The company carried a total of 13.8 million passengers, up 136.1% from 2021 and reaching 81% of 2019 levels. As for flights operated, they were up 74.9% last year, reaching 79% of pre-pandemic figures. The company's capacity, meanwhile, reached 87% of pre-crisis levels, increasing 94.2% compared to the previous year.

On the other hand, recurring operating costs also increased by 73.41TP3Q to €3,236.2 million, "resulting in a positive recurring EBIT of €248.8 million, an increase of €726.7 million, or 4.7 times the amount in fiscal 2019," the company explains.

Weighing heavily on the accounts was the cost of fuel, which more than tripled, increasing by EUR 756.2 million year-on-year to EUR 1,096.7 million. "Despite leading to a positive effect of EUR 85.5 million, hedging only marginally reduced the effect of the increase in fuel prices, which alone contributed EUR 458.4 million to the increase in fuel costs," indicates TAP.

Christine Ourmières-Widener, CEO of TAP, considers in a statement, quoted by the newspaper Negócios, in view of these results, that "during the fourth quarter of 2022 TAP was able to generate the highest quarterly revenues in its history and record profitability, despite continuing operational challenges."

"During the first full year of the restructuring plan, TAP generated an operating profit that is an all-time record for the company. TAP also generated a very strong positive net profit, taking into account its level of leverage," the manager indicates.

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