Portugal's airline TAP posts E$1.2b 2020 loss as COVID-19 stifles travel

Portugal’s ailing state-owned airline TAP on Thursday posted an annual loss of E1.2b as passenger numbers fell by almost three quarters last year due to the impact of the COVID-19 pandemic on global travel. The airline received a E1.2b rescue loan in 2020 from the state, which holds a 72.5% stake, allowing it to keep operating and end last year with a cash position of about E520m euros, TAP said. “Both the operation and the results in 2020 were severely impacted by the drop in activity as a result of the COVID-19 pandemic, with passenger numbers falling 72.7%, after growing for four consecutive years,” the company said. It is the third year in a row the airline has posted a loss, after ending 2019 in the red by E95.6m.<br/>