TAP Air Portugal produced its best HY1 result in five years, announcing a €22.9 million net profit for the first six months and an even more solid result for Q2. “These results underpin TAP’s sustained commercial and financial improvement trend,” said the new CEO Luis Rodrigues. But he added that there is still a long path to go before TAP will get to sustainable profitable levels, he said on August 30.
To put this year’s HY1 results into perspective, it is better to look at the operating result or EBIT. This HY1, TAP produced a €108 million EBIT compared to €4.4 million in the same period in 2022, €-377.4 million in 2021, €-427.6 million in 2020, €-85 million in 2019, and €-45.8 million in 2018. So the trend is evident, with the deepest losses suffered during the pandemic that led to the deep transformation of the airline.
The €22.9 million net profit for this HY1 compares to €-202.1 million last year, €-493.1 million in 2021, €-582 million in 2020, €-112 million in 2019, and €-70.1 million in 2018, so it indeed reflects a turnaround.
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