TAP Portugal has reported a net loss of €46 million in 2014, compared to a net profit of €34 million reported in 2013. Revenue was up €9m however to €2.5 billion, while operating expenses rose 3.4% to €2.34 billion. TAP’s EBITDAR was €148 million. TAP carried 6.6% more passengers in 2014 to a record number of 11.4 million. The airline’s load factor rose by 1.1 percentage point to 80.6% in 2014. This is the first time the airline made a loss in five years. It attributed the loss to additional aircraft delivery delays, announcements of industrial actions and a number

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