TAP reports net profit of 15.9 million EUR for 2012

TAP, S.A. today announced its 2012 financial results, at its Headquarters in Lisbon, with a net profit of 15.9 million EUR, which is quite higher than the 3.1 million EUR posted in 2011.

These results, positive for the fourth year running, were mainly due to the activity increase along with the expansion of TAP operations. Last year, the airline carried 10,186 million passengers in its system-wide network, with an increase of 4.4 per cent over 2011. Thus, TAP hit its record ever, having transported more than 10 million passengers for the first time in one year’s operation.

In 2012, TAP managed to reduce its total debt to 862 million EUR from 1042 million reported in previous year, showing a 21 per cent improvement. Thereby, the company’s aggregate debt, which represented some 46 per cent of total income and gains in 2011, now came down to 35 per cent in 2012.

The overall revenues also grew in 2012, up to 2,429 million EUR, showing a 6.9 percent increase in the whole when compared to the 2,273 million reported in previous year. For that matter, mention is to be made to the Maintenance Engineering (Third Party assistance) performance that improved in 23 per cent along with the Ticket sales revenue which grew some 6.7 per cent.

In 2012, TAP’s operating costs – excluding fuel – amounted in total to 1,422 million EUR, some 4.8 per cent above the 1,357 million posted in previous year. Fuel costs, whose prices have been continuously hiking since 2008, increased in 93 million EUR last year, adding to more 13 per cent spent in the fuel bill.

The profit achieved by TAP, S.A. last year clearly shows the importance of the persistent efforts and actions taken by the company to improve its efficiency year in year out, resulting into considerable gains in productivity and a decrease in consumptions.

The operating results were also positive, going up to 43.4 million EUR, some 5.6 per cent above the 41.1 million posted in 2011.

Although the ASK (available seat Km) has increased 4.1 per cent, TAP has seen an increase in demand, thus boosting its RPK (Revenue Passenger Km) in 4.8 per cent, which allowed TAP to increase its L/F (load-factor) as well, growing from 76.3 per cent in 2011 to 76.8 per cent posted in 2012.