Trouble-torn national airline TAP predicted a profit for last year but figures out today show that in the first nine months the company registered a loss of €63.3 million – that’s €41.6 million more than losses registered in 2013.
Despite being underwhelming in the extreme, the news comes at the worst possible time as the government is intent at selling the airline off as quickly as possible.
The losses last year came mainly due to the appalling record of strike action and delays through the summer, though €27 million was lost by the company in Brazil.
Presenting the figures today, Público explains that much of the losses attributed to last summer (€28 million) mounted up as a result of TAP’s necessity to contract out flights and hire aircraft, as its own fleet was either busy elsewhere, out of commission or “delayed in delivery”.
As the paper revealed just before Christmas, TAP is understood to be negotiating a €250 million bailout which it hopes will see it through the looming privatisation process (see: https://www.portugalresident.com/tap-prays-for-a-miracle).