TAP Portugal net profit increases fivefold in 2012

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TAP Portugal has posted a net profit of €15.9 million ($20.7 million) for 2012, marking more than a fivefold increase on the €3.1 million posted the previous year.

Operating profit also grew by 5.6% year-on-year to reach €43.4 million. Operating costs excluding fuel rose by 4.8% to €1.42 billion, while fuel costs increased by 13%.

Overall revenue grew by 6.9% to €2.43 billion, propelled in part by a 23% increase in activity at the MRO division.

ASK capacity witnessed a 4.1% year-on-year increase and RPK traffic grew by 4.9%, resulting in a 0.5 percentage point increase in load factor to 76.8%.

Passenger numbers stood at 10.2 million for the full-year, marking a 4.4% increase over 2011.

The airline also made progress in reducing its debt, cutting the previous year's figure of €1.04 billion down to €862 million. Aggregate debt now represents 35% of total income, compared with 46% in 2011.

TAP Portugal is due to resume its privatisation process later this year or in early 2014, following the Portuguese government's earlier rejection of a bid by Synergy Group.