TAP Air Portugal posted a first-half net loss of €99.2 million, widening 40% from a year earlier, as higher fuel costs outweighed traffic and revenue gains. Operating revenues rose 4.3% to €2.04 billion, while the carrier carried a record 8.2 million passengers in the period.
Fuel expense increased 18.7% in the first half and 52.3% in the second quarter, pushing TAP to a €59.3 million net loss in the April-to-June period compared with a profit a year earlier. The airline’s earnings deterioration came even as demand held up across its network and passenger numbers reached a half-year high.
TAP also completed a €350 million senior debt issue and ended June with €1.22 billion in cash and equivalents, leaving it with solid liquidity despite the weaker results. The figures arrive as Portugal advances the partial privatisation of the flag carrier, with Air France-KLM and Lufthansa Group having submitted binding offers in July for a 44.9% stake and the government expected to review the bids before selecting a strategic investor.