Portugal's airline TAP turns to rare profit as revenues soar
Portuguese airline TAP posted a rare net profit in the third quarter on Wednesday on strong revenue and helped by currency hedging, but said visibility for next year remained low. The state-owned company, which is undergoing restructuring, reported a profit of E111m versus a loss of 134.5m a year earlier. TAP's operating revenue jumped to E1.1b from E444m a year earlier, predominantly driven by increased fares and higher capacity as demand for travel returned in force after the lifting of COVID restrictions, even amid galloping inflation. Recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) of E280m were above pre-pandemic levels. "TAP is confirming its strong performance in the third quarter with all financial metrics above pre-crisis levels, despite further increased fuel costs," CEO Christine Ourmieres-Widener said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2022-11-03/star/portugals-airline-tap-turns-to-rare-profit-as-revenues-soar
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Portugal's airline TAP turns to rare profit as revenues soar
Portuguese airline TAP posted a rare net profit in the third quarter on Wednesday on strong revenue and helped by currency hedging, but said visibility for next year remained low. The state-owned company, which is undergoing restructuring, reported a profit of E111m versus a loss of 134.5m a year earlier. TAP's operating revenue jumped to E1.1b from E444m a year earlier, predominantly driven by increased fares and higher capacity as demand for travel returned in force after the lifting of COVID restrictions, even amid galloping inflation. Recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) of E280m were above pre-pandemic levels. "TAP is confirming its strong performance in the third quarter with all financial metrics above pre-crisis levels, despite further increased fuel costs," CEO Christine Ourmieres-Widener said.<br/>
