Manufacturing Industry
TAP-Air Portugal to sell its ground services unit
Airline Industry Information, Nov 11, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Portugal's national carrier TAP-Air Portugal (TAP) has announced the sale of its ground services unit for EUR39.1m to the Spanish travel group Globalia.
The airline sold a 50.1% stake in the unit to Globalia which intends to expand the Portuguese Handling Services unit to other countries including Spain. TAP will keep a 43.9% stake in the company with Portuguese carrier Portugalia taking the other 6%.
TAP's CEO Fernando Pinto told reporters that the airline is to keep its target of EUR15m net profit for the full financial year despite the rise in fuel prices costing an extra EUR65m, reports Reuters.
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