TAP with the best result ever

The Portuguese airline TAP achieved 62.3 million EUR net profit in 2010, 8.7 per cent increase over previous year, the best result ever in the history of the company.

The Lisbon based company ended the year 2010 with a positive equity of 52 million EUR.

According to the annual results of 2010, released today by Fernando Pinto, TAP CEO, the company sales (tickets, cargo and maintenance) amounted to 2.221 million EUR.

For these results contributed the increase of sales abroad, particularly in the Brazilian (more 55 per cent comparing to 2009) and Angolan (30 per cent more) markets.

During 2010, TAP carried 9,087 million passengers (over 7.7 per cent in previous year), with a rise of six points in the load factor, which went from 68.5 to 74.5 per cent.

The Company’s Cargo Division also had an activity increase, carrying a total of 94.200 tonnes, 24 per cent over the 76.200 tons in the previous year, allowing TAP to improve from 85.5 million EUR in 2009 to 112 million EUR (+31 per cent) in 2010.

The Maintenance Engineering Business Unit also improved TAP’s performance in 2010. The income from assistance provided to third parties increased from 96.6 million EUR to 123.7 million EUR, a growth of 28 per cent.

TAP CEO also highlighted the fact that these good results were achieved despite multiple negative effects, such as an increase of 45 per cent percent of fuel costs, which reached 523 million EUR in 2010.

The improvements also helped absorb the losses caused by the ash cloud of the Icelandic volcano, the conflicts of the French and Spanish air traffic controllers and the breakdown of traffic caused by the floods in Madeira.

Source: TAP Air Portugal