TAP HAS admitted, for the first time, that it may have to lay off staff because of the oil crisis if it fails to increase receipts on new routes this year.
“Our priority is to discover new markets otherwise the only option open to us would be to reduce the size of the company,” said TAP President Fernando Pinto last week.
Oil prices have increased TAP’s expenditure by 250 million euros and the airline predicts that it will be difficult not to pass on these costs to customers in higher ticket prices.
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