This post was originally published on this site
The airline, which is 72.5% controlled by the Portuguese state, is under a Brussels-approved rescue plan worth 3.2 billion euros and was forced to reduce its fleet size, cut more than 2,900 jobs and reduce wages.
As part of this restructuring plan, TAP had also to wind down and close its aircraft maintenance business in Brazil, which represented a non-recurring loss of 1.025 billion euros.
In 2020, the airline posted a 1.2 billion euros loss due to the COVID-19 pandemic.
The company transported 5.83 million passengers last year, up 25% on 2020, but only 34% of the pre-pandemic level in 2019.
($1 = 0.9170 euros)
