TAP recorded losses of 99.2 million euros in the first quarter, a worsening compared to the approximately 70 million euros lost in the same period last year. The increase in fuel costs was the main driver of pressure on the airline's results, which grew 18.7% in the first half and 52.3% in the second quarter alone. The carrier attributed this evolution to the rise in fuel prices associated with the conflict in the Middle East.
Despite the losses, operating revenues grew 4.3% to 2,039.8 million euros, with ticket revenues increasing 4.4% to 1,829.2 million euros. Demand in the company's strategic markets, with emphasis on South America and Europe, drove these results. Between January and June, TAP transported 8.2 million passengers, 4.2% more than in the same period the previous year, and traffic grew 5.9%, above the 1.7% increase in capacity, allowing the occupancy rate to rise to 85.4%.
The company's financial position was strengthened through a bond issuance of 350 million euros, having 1,222.1 million euros in cash at the end of June. TAP's CEO, Luís Rodrigues, considered that the results demonstrate the robustness of the business model and highlighted that it was possible to mitigate part of the impact caused by the fuel price increase, also noting the completion of the restructuring plan, recognized by the European Commission.
The results are released at a time when TAP's partial privatization process is underway, with Air France-KLM and Lufthansa having submitted binding offers to acquire 44.9% of the capital. Parpública was expected to deliver to the Government the final report analyzing the proposals, with the executive subsequently deciding the winner.
