TAP recorded losses of 202.1 million euros in the first half of the year, as revealed by the company to the Securities Market Commission (CMVM) on Tuesday. The figure compares with the 493 million euros of losses recorded in the same period last year. In the second quarter, the company’s losses amounted to 80 million euros.
In the statement sent to the market, the company highlights the increase in revenue up to June of 245% to 1,321.2 million euros. Even so, the operating result was positive, standing at 4.4 million euros, 381.7 million more than in the same period of the previous year.
In the second quarter, operating income “was almost four times higher than in the same period of the previous year”, highlights TAP, amounting to 830.6 million, which is equivalent to 99% of operating income in the second quarter of 2019. “This factor was mainly driven by the increase in fares and greater capacity, which translates into an increase in revenue from the passenger segment” to 740 million euros, compared to 586.4 million euros. EBIT for the second quarter was 66.4 million euros and Recurring EBIT 47.9 million, “above pre-crisis levels, despite the unfavorable macroeconomic and sector context.”
TAP registers a loss of 493 million until June, but highlights recovery in the 2nd quarter
Quoted in the note, TAP CEO Christine Ourmières-Widener notes that “the second quarter saw very healthy demand and higher revenue per passenger,” which allowed the company to offset rising costs. “The context remains difficult and demand prospects for the fourth quarter and next year remain uncertain. The execution of the restructuring plan continues to be fundamental”, points out the CEO.
(Updated news)
Source: Observadora
