Air Transport World

TAP Portugal: flytap.com.(Europe)(earnings Transportes Aeros Portugueses EP)(Brief article)

Grupo TAP, parent of TAP Portugal, reported a net loss of [euro]9.9 million ($12 million) in 2005, reversing a net profit of [euro]8.6 million in 2004 that was fueled by a [euro]30 million extraordinary gain from the partial sale of ground handling unit Servicos Portugueses de Handling. "Those are excellent results seeing the circumstances," CEO Fernando Pinto commented to ATW, referring to the carrier's [euro]287 million fuel bill that was some [euro]93 million above budget. Operating revenues increased 10% to [euro]1.36 billion while operating expenses climbed 11%, or 4% excluding fuel cost.

At year end, TAP had an all-Airbus fleet of 42 aircraft that this year will grow to 46. …

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