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TAP Air Portugal Reports First Quarter 2024 Net Loss of €71.9 Million

TAP Air Portugal has reported a first quarter 2024 net loss of €71.9 million on a 3.1 percent increase in revenue to €862 million.  At March 31, 2024, the carrier had a total of €1.13 billion in liquidity.


TAP Air Portugal Airbus A330-900 - Courtesy Airbus

On Friday (May 10, 2024), TAP Air Portugal reported their first quarter financial results for the period ending March 31, 2024.  The carrier reported a first quarter net loss of €71.9 million on a 3.1 percent year-over-year increase in revenue to €862 million.  TAP’s first quarter passenger revenue per available seat kilometer (PRASK) increased versus Q1 2023 to 6.25 euro cents, while cost per available seat kilometer (CASK) increased 3.1 percent compared to the same period last year to 7.30 euro cents. Costs excluding fuel (CASK-ex) increased year-over-year by 10.3 percent to 5.26 euro cents.  At March 31, 2024, TAP Air Portugal had total liquidity of €1.13 billion, up €344 million from year-end 2023.


In Friday’s announcement, TAP Air Portugal’s CEO, Luís Rodrigues, said,


“In the first quarter of 2024 we continued the structural transformation TAP required. The investment in our people, including the termination of salary cuts, inflationary adjustments and new collective labour agreements have an immediate impact in the bottom line but it will continue to pay off.  We were able to increase capacity, carry more passengers and improve load factor when compared to 1Q23, which translated into increased revenue, significantly lower disruptions, improved punctuality and regularity on a substantially congested infrastructure. This also translated into a jump in NPS from 12 to 24.  We trust fully in our people, and we know we will be up to the challenge of a strong Summer, with a significant increase in frequencies to the Brazilian and North American markets.  Our focus and commitment remain unchanged: to establish TAP into a sustainably profitable airline and as one of the most attractive companies in the sector for all our stakeholders.”


TAP’s MRO division’s first quarter revenue totaled €45 million, up €1.4 million compared to Q1 2023, while Cargo revenues declined year-over-year by 24.7 percent to €36.7 million.


At the end of the first quarter, TAP reopened summer seasonal service from Lisbon to Naples and Porto Santo. 


At March 31, 2024, the carrier’s fleet included 99 aircraft, up one from December 31, 2023, with 68 percent of the medium and long-haul fleet consisting of new engine option (neo) aircraft.

 

 

Source: TAP Air Portugal

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