TAP Portugal (Lisbon) posted a $20.6 million profit in 2012.

The airline issued the following financial statement:

With a profit of 15.9 million euros in 2012, this was well above the 3.1 million in 2011, TAP SA achieved positive results for the fourth consecutive year.  

In 2012, total debt was reduced from 1042 TAP million to 862 million, which represents an improvement of 21%. Note also that the total debt, which in 2011 represented 46% of total income and gains, fell to 35% in 2012.

Obtaining a positive net income for the fourth year was made possible by the company’s growth, which reached 4.4% with over 10,186 million passengers, surpassing for the first time in its history the barrier of 10 million.

Total revenues in financial year 2012 amounted to 2,429 million euros, showing an increase of 6.9% compared to 2273 million in the previous year, highlighting the Maintenance Assistance (Third Party) with an improvement of 23% and ticket revenues with a growth of 6.7%.

Operating costs, excluding fuel, stood at 1,422 million euros, 4.8% more than the 1,357 recorded in 2011. The fuel bill, whose cost has not stopped growing since 2008, had in 2012 an additional 93 million euros, up 13% compared to 2011.

The positive results of TAP reflect the continuing effort to improve efficiency, achieved through productivity gains and decreased consumption.

Operating results were also positive at 43.4 million euros, 5.6% better than the 41.1 recorded in 2011.

While increasing the supply (PKO) 4.1%, the national airline increased demand (PKU) of 4.8%, which allowed also improve the load factor of 76.3% in 2011 to the 76.8 percent in 2012.

Copyright Photo: Dave Glendinning. Airbus A320-214 CS-TNP (msn 2178) in the Star Alliance livery taxies to the runway at London (Heathrow).

TAP Portugal: