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Portuguese airline TAP sees losses deepen in H1

Xinhua, September 25, 2015 Adjust font size:

Portuguese airline TAP experienced losses amounting to 109.6 million euros (123.6 million U.S. dollars) in the first half of the year, according to Portuguese Lusa News Agency on Thursday.

TAP's losses in the same period last year totalled 64.6 million euros, according to the report.

"The year of 2015 is being influenced by the behavior of the market and by the difficult period of the second half of the previous year," the report said.

The report also points to the impact of a strike by the Pilots of Civil Aviation Syndicate (SPAC) held in May.

A 61-percent stake in TAP was sold in June to American-Brazilian investor David Neeleman, with numerous strikes leading up to the sale.

The sale of TAP was part of an agreement the government made in 2011 when it signed a 78-billion-euro bailout deal with the European Central Bank, the International Monetary Fund and the European Commission, and meant revenue amounting to 10 million euros for the Portuguese state.

The report also cited, among other factors, a fall in operation results, with a reduction of revenue from tickets by 3.6 percent compared to the same period last year. Endit