TAP’s Q1 revenue tops pre-pandemic level

Iberian flag carrier TAP Air Portugal recorded “significant growth” in revenue in the first quarter of 2023 (Q1 2023), with €835.9 million reported, a 70.4% year-on-year increase and equivalent to 136% of Q1 2019. The 3.51 million passengers TAP carried contributed more than €700 million of the revenue, the quarterly results showed, with maintenance accounting for €34.4 million and cargo over €48 million, the latter a near-25% year-on-year drop. Operating costs amounted to €846.1 million, up 57.5% year-on-year, with fuel costs up 109.6%, or €145 million, contributing to TAP reporting a loss of €57.4 million. However, the loss was a