TAP Air Portugal revenue just 1% below pre-COVID levels
TAP said its second-quarter revenue accounted for 99% of its 2019 profit. TAP AirPortugal showed a positive post-pandemic recovery in its second-quarter (Q2) financial report. The airline is approaching its pre-pandemic numbers and has significantly exceeded its numbers for the same period in 2021. Revenues reached 99% of the levels reported in the second quarter of 2019. The number of departing passengers also reached 81% 2019 levels, while the total number of departures reached 92%. The carrier’s load factor increased 32% from Q2 2021 levels, bringing the total load factor to 80.4%. Notably, operating costs also increased by 92.5% compared to the same period last year.
TAP has released its financial report for the second quarter of 2022. Although the numbers still lag behind pre-pandemic numbers, they are catching up fast. Total revenue for the quarter reached 99% of Q2 2019 revenue, quadrupling between Q2 2021 and 2022. Reported revenue increased from €597.4 million (€592.4 million) to 830.6 million euros ($823.7 million).
The increase in revenue is mainly due to the increase in tariffs and the increase in capacity. The increase in fares is the result of rising operating costs, global inflation and increased demand. Capacity, measured in available seat kilometers (ASK), nearly tripled from a year ago, bringing ASK in the quarter to 92% of pre-pandemic levels. Meanwhile, the airline’s load factor rose to 80.4%, or 96% of 2019 levels.