LISBON: Portuguese flag carriers group TAP ended 2014 with losses of €85.1 million, a massive €79.2 million more than the €5.9 million seen in 2013, because of poorer air transport earnings, the company said.
Manutenção e Engenharia Brasil recorded a loss of €22.6 million which was some €17.7 million better than the previous year and is now in the fourth year of a restructuring plan fort the company that has historically been responsible for the group’s losses.
“The group earnings are below expectations, mainly due to the effect that strikes had on operations, the cost of chartering aircraft and by the reduction in the yield in Brazil and Europe, which has been affecting the entire industry”, the group’s report and accounts stated, while also noting the airlines greater capacity with the arrival of six new aircraft and the introduction of 11 new destinations.