TAP Air Portugal Operating Profit

18th Mar 2003

In 2002 TAP Air Portugal succeeded an Operating Profit for the second consecutive year, with its Net Result nearing break-even.l
The results were announced today - March 5, 2003 - during a Press Conference held in Lisbon, at the Company`s Headquarters, with the presence of both the Chairman of the Board of Directors, Mr. Cardoso e Cunha and the Chief Executive Officer, Mr. Fernando Pinto.

With an Operating Profit of E 49.8 Million, 146 per cent above the E 20.2 Million recorded in 2001, one should also recall that TAP had posted an Operating Loss of E (62) Million in the year 2000.

As to the Net Result - although still a loss of E (6) Million - it shows a strong progression, in 86 per cent, against the E (43.6) Million recorded in 2001, while in the year 2000 the Company`s Net Result was E (122.1) Million.

The E 6 Million Net Result achieved last year account for only a minor deviation to the E (5.3) Million targeted in TAP` s Recovery Plan, which was drawn up more than two years ago, before September 11 and its aftermath crisis, the greatest one ever experienced within commercial aviation world-wide.
Last year TAP was also able to decrease its accumulated debt in À 100 Million. On the other hand the Company`s Operating Revenue increased 2.4 per cent while the Operating Costs remained the same as in previous year.

In what the traffic results are concerned, the growth trend, already seen in the year before, prevailed in 2002, in spite of the very difficult circumstances of the industry, either nationally or internationally.


Therefore, TAP Air Portugal carried 5.563.469 passengers in its system-wide network, which represent a 3.3 per cent growth over the year 2001, with a 69 per cent seat Load-Factor VS a 2 per cent lower L/F in 2001.

Forecasts for the running year - 2003 - point to the Company returning to Net Profit, despite the continuation of very unfavourable conditions impacting on the markets at present.

As Mr. Fernando Pinto, TAP CEO stated, “Those results were only made possible due to all combined efforts within the Company as well as to its own adaptation capacity, already proved before”.

In his turn, Mr. Cardoso e Cunha, the Chairman of TAP concluded, “There are enough reasons to encourage hope and we hope for the common sense to prevail. Our hope relies upon everyone` s hands and we all must do our best to make it come true”.




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