TAP Portugal reports net loss of €112 million for H1

Trouble carrier TAP Portugal has posted a net loss of €112 million for the first half of 2012 – this is a 14.6% fall in performance compared to the same period last year. Revenue was up by 9.3% to €1.08 billion but industrial action and high fuel prices took its toll on the airline’s bottom line. TAP’s fuel bill for the first half of the year was €325 million – a rise of 20% – while industrial action cost the carrier €21.6 million. There was some good news however within the group, with TAP’s Brazil maintenance and engineering arm, Manutenção