TAP Portugal returns to profit in 2016
TAP has posted a full-year net profit of E34m (US$35.8m) for 2016, marking its return to profitability. Revenue for the year fell E156m to E2.2b, but operating costs dropped by E227m to E2b, triggering the bottom line turnaround. The carrier said the positive result was driven by “strong investment” from its new shareholders, Atlantic Gateway Group, including revamping of Portugalia to become of TAP Express, a complete renewal of its regional fleet and the creation of a shuttle service between Lisbon and Porto. During the year, TAP also upgraded the interiors of its Airbus fleet, added new routes to Boston and New York JFK and boosted frequencies to Newark, more than doubling its US flights. In 2016, TAP carried a record 11.7m passengers, marking a 400,000 improvement on 2015, despite cutting available seats by 3%. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-03-02/star/tap-portugal-returns-to-profit-in-2016
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TAP Portugal returns to profit in 2016
TAP has posted a full-year net profit of E34m (US$35.8m) for 2016, marking its return to profitability. Revenue for the year fell E156m to E2.2b, but operating costs dropped by E227m to E2b, triggering the bottom line turnaround. The carrier said the positive result was driven by “strong investment” from its new shareholders, Atlantic Gateway Group, including revamping of Portugalia to become of TAP Express, a complete renewal of its regional fleet and the creation of a shuttle service between Lisbon and Porto. During the year, TAP also upgraded the interiors of its Airbus fleet, added new routes to Boston and New York JFK and boosted frequencies to Newark, more than doubling its US flights. In 2016, TAP carried a record 11.7m passengers, marking a 400,000 improvement on 2015, despite cutting available seats by 3%. <br/>
