TAP Air Portugal reports profit for first nine months of 2004

Airline Industry Information, Oct 29, 2004

AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD

TAP Air Portugal has reported a profit of EUR7.7m for the first nine months of 2004 despite the high cost of fuel which was 35% higher than in the same period in 2003.

The airline said that a 12.1% increase in passenger numbers and an increase in its cargo trade lifted revenues. Profits were still down on the same period in 2003, when the airline posted a profit of EUR16.9m, but the airline said that it was aiming for a year-end profit of EUR15.3m.

In a statement released on 29 October 2004 TAP Air Portugal said that its fuel bill for the first nine months of 2004 was EUR139m, up from EUR103m in 2003 due to the high price of oil, reports The Associated Press.

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