TAP, S.A. achieves the best ever result
03-Mar-2011 For the second consecutive year
Profits of €62.3 million enable return to positive liquidity position
In 2010 TAP S.A. achieved profits of €62.3 million, a rise of 8.7 percent in relation to the previous year, enabling the company to return to a positive liquidity position which had ceased to exist in 2008, the worst year in the history of commercial aviation.
The company ended the 2010 financial year with a positive liquidity position of €52 million.
According to the results for the 2010 financial year, released today by Fernando Pinto, TAP sales (passenger tickets, cargo and maintenance) amounted to €2.221 billion.
Increased sales abroad made a huge contribution to these figures, in particular in the Brazilian and Angolan markets, up more than 55% and 30% in 2009 respectively.
During 2010 TAP carried 9.087 billion passengers (+7.7% on 2009), and recorded a six point increase in occupancy rates of its aircraft which rose from 68.5 to 74.5 percent.
Cargo volume transported reached the 94,200 tonnes in 2010, a rise of 24 percent on the 76,200 tonnes transported the previous year, enabling it to exceed the revenue of €85.5 million obtained in 2009 to €112 million (+31%).
Maintenance & Engineering has returned to growth, having increased income from service provision to third parties from €96.6 million to €123.7 million, representing an increase of 28%.
The Chief Executive Officer of TAP also highlighted the fact that these good results were achieved despite numerous adverse influences, such as a 45% increase in the fuel bill which stood at €523 million in 2010 in relation to €359 million paid in 2009.
The improvements put in place also helped absorb the losses caused by the Icelandic volcano ash cloud, air traffic controller disputes in France and Spain and by the collapse of traffic caused by the disaster in Madeira.
The consolidated result of TAP SGPS will be announced when all the group companies have completed their year end accounting processes and the respective consolidation work has been undertaken.