The high price of fuel due to the Middle East war drove TAP's profits into losses of 99 million euros in the first half of this year. The company saw losses worsen by 28 million euros compared to the same period last year.
In the second quarter, the impact of the war was particularly severe, with a 97 million drop in profits to losses of 59 million. The very significant increase in fuel prices, namely jet fuel, pressured TAP's performance during this period.
TAP's CEO, Luís Rodrigues, explained that the impact was felt immediately on costs, while revenue mitigation measures tend to materialize more gradually. This is due to the fact that much of the second quarter's revenue was already sold when prices rose.
