TAP Air Portugal’s Revenue Just 1% Below Pre-COVID Levels
TAP has reported its second-quarter revenue to be 99% of its 2019 earnings. TAP Air Portugal has shown a positive recovery from the pandemic in its second quarter financial report (Q2). The airline is nearing its pre-pandemic numbers and has dramatically exceeded its numbers from the same period in 2021. Revenue reached 99% of levels reported in Q2 2019. The number of departing passengers also reached 81% of 2019 levels, while total departures reached 92%. The carrier’s load factor increased by 32% from Q2 2021 levels bringing the total load factor to 80.4%. Notably, operating costs have also risen 92.5% from the same time last year.
TAP has released its financial report for the second quarter of 2022. While numbers still lag behind pre-pandemic figures, they are catching up quickly. Total revenue for the quarter has reached 99% of revenue recorded in Q2 2019, quadrupling between Q2 2021 and 2022. Reported revenue rose from €597.4 million ($592.4 million) to €830.6 million ($823.7 million).
The rise in revenue is primarily due to increased fares and higher capacity. The increase in fares has resulted from higher operating costs, global inflation, and an increase in demand. Capacity, measured in Available Seat Kilometers (ASK), nearly tripled from last year, bringing the quarter’s ASK to 92% of pre-pandemic levels. Meanwhile, the airline’s load factor increased to 80.4%, 96% of 2019 levels.