TAP Portugal's net profit up 21% in Q3

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Portugal's national carrier, TAP, has reported net profit of €102 million ($130 million) for the third quarter of 2012.

The result was 21% higher than during the same period last year, with the airline caling it the "best quarter ever" in its history.

Some 3.1 million passengers travelled with TAP between July and September, bringing the total number for the first nine months to 7.8 million. This is 4.1% more than for the same period in 2011.

Chief executive Fernando Pinto says more than two thirds of revenue was generated by travellers from outside Portugal, though he did not provide revenue figures.

Group net profit stood at around €79.8 million for the third quarter, partly due to a nearly €13.7 million loss by TAP's maintenance division.

The nine-month group net profit figure is 29% higher than for the same period last year.