TAP MEl accumulates losses of €593 million, of which €84.3 million relate to 2021. The operation had 385 workers, but closed in May.
TAP’s maintenance and engineering business in Brazil (TAP ME) closed at the end of May. During the 13 years in which the Portuguese airline owned the company’s entire capital, the accumulated losses amounted to €593 million, according to newspaper Público.
The data is provided by Sérgio Palma Brito, in the book “TAP – which future?”, and recent airline reports, and conclude that since 2008 accumulated losses reached €593 million, with losses of €84.3 million being recorded in 2021 alone. TAP SGPD also recorded losses of €11.8 million at Portugália and €7.8 million at Groundforce.
TAP SA registered losses of €1.6 billion as a result of the negative effects of closing down TAP ME. The figures point to a €884.7 million impairment owed by the holding company, which TAP justifies as “an accumulated set of transfers of funds” for the maintenance operation in Brazil, to meet liquidity needs. The business had 385 employees, but was permanently closed last May.