Trouble-torn state airline TAP – in the process of privatisation – is in meltdown. Secretary of State for Transports Sérgio Monteiro has confirmed that losses so far this year have outstripped those of last, coming in at a whopping €109.6 million.
Talking to Lusa, he said: “They are results that show the difficult financial situation of the company… and the importance of privatisation and the injection of fresh money.”
Since 2013, TAP has been progressively losing money. These latest figures show a loss of around €45 million more than last year, and see budget forecasts exceeded by 60.6%, reports TVI24.
Monteiro added: “We have successively sounded the alert over the importance of privatisation but, to date, conclusion of the deal is dependent on the green light from civil aviation authority ANAC”.
TAP’s aspirant new bosses, Humberto Pedroso and David Neeleman, have said they plan to pump €800 million into the company to get it off life support.
The trouble is their hands are tied until ANAC pronounces on its technical legality.