State-run carrier TAP Air Portugal made a €65.6 million profit in 2022 after taking in revenue of €3.5bn and carrying almost 14 million passengers. The return to profit came after a loss of almost €1.7bn in 2021, and came as the airline reported 2022 earnings of €268.2 million. Passenger traffic was up 136% on 2021 and took TAP to over 80% of pre-Covid 2019 levels, with the number of flights up to almost 80% of 2019. Annual revenue was up 151% on 2021, with capacity at 87% of “pre-crisis” and the load factor up 17 percentage points on 2021. But

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