15-May-2013 1:01 PM

TAP losses halved in 2012 to EUR42m; TAP M&E Brazil continues 'negative contribution': Parpublica

TAP Portugal holding company Parpublica announced (14-May-2013) the carrier's loses nearly halved in 2012 to EUR42.2 million, down from a EUR76.8 million loss in 2011. Parpublica said the results improved "due to favourable sales, along with the continued implementation of the cost containment plan, and despite a rising fuel bill." Parpublica also noted TAP Maintenance and Engineering Brazil "continues to have a strong negative contribution to Grupo TAP results, as the company generated a loss of EUR50.2 million, but still better than 2011 when it was EUR62.7 million." Revenue from the provision of third party maintenance increased 25.2% however, to EUR114 million. Parpublica also noted the carrier's debt load was reduced by EUR200 million to EUR1.03 billion in 2011, including operating leases. [more - original PR - Portuguese]