TAP Air Portugal has released its financial results for the third quarter of 2024, demonstrating a strong performance despite global economic challenges.
The airline reported a net profit of 117.8 million euros, although this represents a decrease compared to the same period last year. TAP's revenue increased by 2 percent in the third quarter, surpassing pre-crisis levels from 2019, with operating income rising by 23 percent. This shows the airline's recovery following the pandemic and its position as a leading carrier between Europe and Brazil.
In the first nine months of 2024, TAP Air Portugal carried 12.3 million passengers, a 1.5% increase from the previous year. The airline's capacity also saw a 2.3% rise compared to the same period in 2023, indicating a strong recovery relative to pre-pandemic years.
Despite these positive indicators, TAP faced challenges from currency fluctuations and rising costs. Exchange rate losses affected the net profit, and personnel costs increased by 26.3% due to new collective bargaining agreements and salary adjustments. However, TAP experienced growth in maintenance services and cargo operations, with revenue from maintenance increasing by 48% and cargo and mail revenue increasing by 8.6%. The airline also reported a strong liquidity position, with cash and cash equivalents totaling 943.1 million euros.
TAP's outlook for future growth and sustainability remains positive, with a focus on fleet modernization and sustainable practices.