TAP Portugal records €3.1m earnings for 2011

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TAP Portugal has posted a net profit of €3.1 million ($4.1 million) in 2011, despite a 37% year-on-year jump in fuel costs to €717 million.

The profit, posted for the third year in a row, was only possible due to the growth in passenger numbers to 9.8 million, up 7.3% on 2010, TAP says.

Total revenues in 2011 grew 4.2% to €2.3 billion and the carrier's operating profit decreased 60% to €41.1 million, compared with €103 million in 2010.

Passenger traffic grew 8.5% against a capacity increase of 5.9%, leading to a load factor of 76.3%, up two percentage points.