TAP recorded record profits of 203.5 million euros in the first nine months of the year and 180.5 million euros in the third quarter, according to information released by the airline on Tuesday.
TAP said in a statement that quarterly net profit was the highest since quarterly records began, up by €69.2 million compared to the third quarter of 2022 and by €179.4 million compared to the same period in 2019 (period before the pandemic). .
Operating revenue for the first nine months of the year reached 3.2 billion euros, a “significant increase” of 725 million (+29.7%) compared to the same period in 2022, the company indicates.
Throughput exceeded pre-crisis levels, reaching 101%, representing an increase of 16.5% compared to the first nine months of 2022.
From January to September this year, TAP recorded a current EBITDA of €752.4 million with a margin of 24%, as well as a current EBIT of €400.7 million with a margin of 13%.
Even with this reduction, the statement highlighted, there was a “significant improvement” in the ratio of net financial debt to EBITDA (earnings before interest, taxes, depreciation and amortization) on September 30, 2023, reaching 2.4x. noting “notable progress” from the 3.5x multiple recorded at the end of 2022.
“The third quarter results are encouraging and confirm the organization’s commitment to delivering a good summer for our passengers. We are taking decisive steps to improve the reliability of our operations and the quality of service we provide to our passengers, accelerating the recovery from the last two quarters. difficult years,” emphasizes TAP Executive President Luis Rodriguez, quoted in the statement.
In the third quarter, the number of passengers carried increased by 5.2% compared to the same period in 2022, and flights were operated by 5.7% more than in the same period last year.
In the third quarter, the number of passengers carried increased by 5.2% compared to the same period in 2022, and flights were operated by 5.7% more than in the same period last year.
As for revenues from the passenger segment, they increased by 179.4 million euros (+17.9%) compared to the third quarter of last year and amounted to 1,181.3 million euros.
Regular operating expenses reached EUR 982.2 million, an increase of 1.7% (more than EUR 16.0 million) compared to the third quarter of 2022.
“This change is primarily due to increased road traffic operating costs (an increase of 45.8 million or 20.8%), reflecting a higher level of activity, as well as an increase in personnel costs (an increase of 64.5 million or 60.5% ) due to the continuation of the restoration of the majority of wage cuts, mainly offset by a reduction in fuel costs” (down 86.4 million euros), the company reports.
Compared to the same period in 2019, TAP’s ongoing operating costs increased by 7.8%, mainly “due to increased fuel costs and traffic operating costs,” it adds.
Author: Lusa
Source: CM Jornal
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