2012 profit of €15.9 million tops 2011 profit

26-Mar-2013

TAP, S.A. in the black for the fourth consecutive year

With 15.9 million euros in profit in 2012, clearly above the 3.1 million earned in 2011, TAP S.A. is in the black for the fourth consecutive year.

In 2012, TAP's total debt dropped from 1.042 billion to 862 million, which translates into a 21% improvement. Total debt, which in 2011 represented 46% of all income and gains, dropped to 35% in 2012.

Achieving a net profit for the fourth consecutive year was possible thanks to the company's growth of over 4.4%. The airline carried 10.186 million passengers in 2012 - breaking through the 10-million barrier for the first time in its history.

Total revenue in the 2012 financial year rose to 2.429 billion euros - a 6.5% increase over last year's 2.273 billion. Of particularly note were a 23% increase in maintenance revenue (services to third parties) and a 6.7 % increase in ticket revenue.

Operating costs, except for fuel, were 1.422 billion euros, 4.8% higher than the 1.357 billion registered in 2011. The fuel bill, which has been on the rise non-stop since 2008, showed an increase in 2012 of 93 million euros, up 13% from 2011. TAP's profit reflects the airline's continued efforts to improve efficiency by increasing productivity and decreasing waste. Operating profits were also positive, showing a profit of 43.4 million euros - up 5.6% from the 41.1 million registered in 2011. Despite a 4.1% increase in supply (PKO), the Portuguese airline registered a 4.8% increase in demand (PKU), allowing it to raise its occupancy rate from 76.3% in 2011 to 76.8% in 2012.