TAP Air Portugal Earnings Weighed Down by Costs, Currency Effects

Dow Jones11-18

By Pierre Bertrand

TAP Air Portugal reported a decline in earnings due to currency exchange losses and higher costs in the third quarter of the year.

The Portuguese carrier said it made 117.8 million euros ($124.2 million) in net profit in the period to the end of September, compared with 180.5 million euros a year ago.

The company said that its result also reflected a 22 million euro hit from currency exchange effects in the quarter.

Operating revenue rose 2% on year in the period to 1.28 billion, but operating costs climbed 6.5% higher to 1.06 billion euros, primarily due to increased employee-related costs and an increase in depreciations and amortizations, the company said.

Though TAP Air Portugal flew 1.3% more passengers in the quarter, passenger income growth of 0.5% was largely flat on year. The company also operated 1.9% fewer flights, it said.

Capacity, meanwhile, rose in the quarter, as did the company's load factor.

It added that bookings for the fourth quarter were slightly above 2023 levels.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 18, 2024 10:43 ET (15:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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