tap air portugal reports strong recovery and financial stability in 2024

TAP Air Portugal has released its financial results for the third quarter of 2024, demonstrating a strong performance despite global economic challenges.

Financial Performance

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.

Passenger and Capacity Growth

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.

Challenges and Opportunities

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.

Outlook for Growth and Sustainability

TAP's outlook for future growth and sustainability remains positive, with a focus on fleet modernization and sustainable practices.

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