TAP has posted a first quarter loss of €365.1m due to the impact of the Covid-19 pandemic on global travel and the depreciation of the euro against the US dollar. “The coronavirus pandemic continued to delay the demand recovery, with an increase in cases and new travel restrictions during the first three months of 2021,” TAP said in a statement. TAP’s total operating income dropped 74% between January and March from a year ago and passenger revenue fell 83%. TAP stated that it “stands ready to adjust its capacity and meet an increase in demand”.

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