TAP registers a loss of 57.4 million euros in the first quarter of 2023.

TAP recorded a loss of 57.4 million euros in the first quarter, the airline said this Wednesday in a statement to CMVM. Compared to the same period last year, losses decreased by 52.8%.

The company stresses that these figures represent a “significant improvement” compared to the first quarters of 2022 and 2019, when it posted losses of €121.6 million and €106.6 million, respectively.

The airline notes that “the number of passengers and capacity” exceeded “the pre-crisis level of the first quarter of 2019.” Revenues reached 835.9 million euros, an increase of 70.4%.

Operating revenue from ticketing generated €737.6 million, up 78.7%, while maintenance revenue rose from €9.2 million to €43.6 million, almost fivefold. Revenues from freight and mail fell by 24.6% to 48.7 million euros.

Operating expenses also increased as a result of the airline’s increased activity and amounted to 852.2 million euros, up 54.2% year-on-year. Here, the cost of fuel more than doubled (+109.6%) to 277 million euros.

Operating result (EBIT) improved by 73.7% to minus 16.3 million euros.

In his debut at the launch of the TAP invoices, the new CEO of the airline, Luis Rodriguez, noted that “the first quarter of 2023 showed continuous growth in demand, thanks to which TAP flights through
For the first time in the post-crisis quarter, there are more passengers than in 2019.”

“TAP delivered strong operating and financial performance this quarter despite cost increases and operational challenges. Addressing these challenges ahead of summer is the path we need to focus on. This path cannot be achieved without the effort and dedication of all our employees,” he concludes in the message contained in the communique.