TAP Air Portugal has reported a loss of €57.4m for the first three months of this year.
The result represents a good recovery and a halving of first quarter losses, when measured on a year-on-year basis.
First quarter revenue rose nearly 80% to €737.6m, but was impacted by rising operating costs – driven by higher labour and fuel costs.
Still, passenger numbers grew nearly 70% compared to the same three-month period last year.
TAP – which is being courted by potential buyers including Air France-KLM, Lufthansa and Aer Lingus-owner IAG – returned to annual profit last year, with a €65.6m surplus.
