TAP Air Portugal first quarter net losses sink further

TAP Air Portugal’s first quarter net losses fell down a quarter year-on-year (YoY) to €71.9 million, with operating revenues up a marginal 3% to €862 million and operating costs up higher at 8% to €919 million. The operating costs reflect its 57% hike in labour costs. Passenger revenues were up 5% YoY to €774.7 million and maintenance up 3.3% to €45 million. However, its cargo and mail revenues were down 24.7% to €36.7 million. Its operating result was down from a loss of €16.3 million in last year’s first quarter to a greater loss of €57.1 million. “In the first quarter