Keystone-SDA
TAP Air Portugal announced on Monday that it had generated a profit of 117.8 million euros (110.3 million francs) in the third quarter, down 34.8% compared to the same period last year due to particularly exchange rate variations.
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November 18, 2024 – 12.37pm
(Keystone-ATS) Leading European carrier on routes to Brazil, TAP achieved a turnover of 1.28 billion euros, an increase of 2% year-on-year.
The Portuguese national company, subject to a restructuring plan after its financial rescue in 2020, transported 4.6 million passengers between July and September, a slight increase of 1.3% year-on-year.
“We are satisfied with our performance in the third quarter of 2024 despite the two major challenges we face: the difficult management of European airspace and significant currency devaluations,” commented TAP boss Luis Rodrigues, quoted in a press release.
Over the first nine months of the year, TAP generated a profit of 118.2 million euros, down 41.9% compared to the same period of 2023.
Urgently renationalized to benefit from an injection of 3.2 billion euros of public funds, the company must be privatized again to the tune of at least 51% of TAP’s capital.
This sale, which must be concluded in 2025, has attracted the interest of a dozen entities, the Portuguese Minister of Infrastructure and Transport, Miguel Pinto Luz, recently indicated.
Beyond the contacts publicly confirmed by the European companies Air France-KLM, Lufthansa and the IAG group (British Airways and Iberia), this manager also mentioned the interest of non-European companies and investment funds.
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