TAP presents results for 2022 on Tuesday

TAP (Transportes Aéreos Portugueses, SA) will present the results for the fourth quarter of 2022 next Tuesday, March 21, at 7 am in Lisbon. The information was sent late this Friday afternoon to the Securities Market Commission (CMVM).

Later on the same day, starting at 4 pm, there will be a conference call as part of the presentation of these data, which will be attended by the then chairman of the Executive Committee, Christine Ourmières-Widener and the executive director Gonçalo Pires. The event is aimed at investors and financial analysts.

Jornal Económico (JE) reported today the confirmation by a partner of the law firm Vieira de Almeida & Associados that the Ministry of Finance contacted that society with the aim of requesting legal services related to the conclusions of the IGF opinion that were invoked by the Government to dismiss the CEO of TAP. The same partner made it known that, as JE reported last week, VdA understood that it could not provide this service.

In the third quarter of 2022, TAP had profits of 111.3 million euros. However, in the accumulated until September, the company recorded a loss of 91 million euros, which nevertheless assumes an improvement of 121 million euros compared to pre-pandemic levels (2019). Mainly penalizing the business were the disruptions in the aviation industry, which were still felt during those months.

Between July and September of last year, the company then led by Christine Ourmières-Widener had a historic record of operating revenues, which amounted to 1,118.9 million euros, more than double the operating revenues accounted for in the same period of 2021 (657, 3 million euros). “The recovery in activity affected the operating performance of airlines throughout the summer”, explained the air carrier, in the financial report released in mid-November.

According to TAP, these figures led to an overcoming of “pre-crisis levels by 7.5%, which allowed the company to achieve an unprecedented financial performance, with an EBITDA [lucros antes de juros, impostos, depreciação e amortização] recurring EBIT of 280.1 million euros and a recurring EBIT of 152.7 million, both above pre-crisis levels, despite rising fuel costs”.