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TAP loses in first half more than in 2018

by ace
TAP loses in first half more than in 2018

The airline TAP reported a loss of 119.7 million euros between January and June this year, against a loss of 90 million in the same period of 2018.

This negative net result of the airline, announced this Friday in the report and accounts sent to the CMVM, supersedes last year's total losses totaling 118 million.

Already the TAP group had smaller losses, of 111,9 million euros (against 70 million in the same period of 2018), due to the positive contribution of the maintenance and engineering segment.

The group justifies these losses "mainly due to the drop in Brazilian ticket revenues of 43.1 million euros and the increase in personnel costs of 35.3 million euros (+ 10.6% yoy) as a result of new hires and salary reviews negotiated in 2018 ".

Last May, when presenting the first quarter accounts, Miguel Frasquilho, Chairman of the Board of Directors, said that the TAP group was expecting to return to positive results this year, "although performance until March was poor, in a continuation of the factors of late 2018 "- a goal that is now more difficult.

"The first half of 2019 was marked by a globally negative period for commercial aviation in Europe, and TAP's results over that period followed the downward trend of other European flag airlines," the company said in the statement.

(news in update)

. (tagsToTranslate) TAP

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