TAP ended the first half of 2024 with a positive net profit of 400 thousand euros, down from 22.9 million in the first half of 2023 and only possible thanks to the 72.2 million achieved in the period from April to June.
In its statement, the national carrier stressed that in the second quarter of 2024 it had made a profit of 72.2 million euros and that this positive net result allowed it to end the first six months of the year with a profit of 400 thousand euros.
However, compared to the same period in 2023, profit for the first six months of the year is 98.3% lower than the net results of €22.9 million achieved in the period from January to June 2023.
The same analysis of quarterly results shows that, despite the positive results, TAP fell by 10.1% from €80.3 million achieved in Q2 2023 to €72.2 million in Q2 2024.
For TAP, the €8.1 million decline was due to “foreign exchange losses following the devaluation of the Brazilian real, which offset operating profit.”
“However, compared to 2Q19 [segundo trimestre de 2019]improved by 77.6 million. [de euros]”, he emphasizes.
According to the airline, operating revenue for the first half of 2024 reached EUR 1,969 million, up 3.3% compared to the same period in 2023, “driven by an increase in ticket revenue due to increased capacity (+2.9%) and a better load factor (+0.8 p.p.), as well as a corresponding increase in revenue from maintenance and engineering activities (+36.7%).”
On the other hand, current operating costs also increased, in this case by 2.7%, reaching EUR 1,829.3 million.
“As of 30 June 2024, the Group had a strong liquidity position of EUR 1,175.7 million. [de euros]an increase of 386.3 million. [de euros] compared to the end of 2023,” the company said in a statement.
In the first six months of 2024, TAP carried 7,698 thousand passengers, up 1.6% from the same period in 2023.
During the period from April to June, 4,165 thousand passengers were transported, which is 96 people more than in the second quarter of 2023.
The company says that in the second quarter, five destinations from Lisbon were reopened for the summer season, in this case Ibiza, Alicante, Palma de Mallorca, Menorca and Agadir, and a new route from Lisbon to Caracas, returning via Funchal, was also opened for the summer season.
Quoted in the statement, TAP’s executive president notes that in the second quarter of 2024, the company will continue its “necessary structural transformation journey” with “investments in people and operations” to “validate the bet and deliver results.”
“The high performance in the second quarter allows us to achieve a positive net result for the semester, which, despite the reduction, is achieved for the second time in a row, but now without salary cuts,” emphasizes Luis Rodríguez.
Author: Lusa
Source: CM Jornal
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