TAP returned to losses in the fourth quarter. 2023 ended with a profit of 177 million

  • ECO News
  • 27 March 2024

The airline achieved a net result of 177 million euros in 2023, below the 203 million recorded up to September. A loss of 26.2 million in the last quarter impacted the year's performance.

TAP reported profits of 177.3 million euros in 2023. However, the result was below the 203 million recorded up to September, with the airline returning to losses in the last quarter.

The Portuguese carrier achieved the best annual net results ever, thanks to a growth of 170.2% compared to the 65.6 million achieved in the previous year.

The profits were not higher because the balance of the last three months of 2023 was negative. TAP had losses of 26.2 million, compared to a profit of 156.4 million in the same quarter. This was despite achieving revenues of 1.050 billion, in line with the last three months of 2022.

A 121% increase in personnel costs, to 270.4 million, due to new corporate agreements signed with unions — whose impact is not yet fully reflected in these accounts —, and a 25% increase in traffic operational costs, contributed to a 16.8% increase in operational costs, to 1.077 billion. Consequently, the operating result (EBIT) was negative at 27.2 million.