Tuesday, January 27, 2015

Group losses TAP skid to 63.3 million by September – publico

Group losses TAP skid to 63.3 million by September – publico

                 


                         
                     

                 

 
                         

The management of TAP was scheduled to arrive to September with profits of 34 million euros, but the slippage was such that the group reached the end of the third quarter with losses of 63.3 million – one 41.6 worsening million compared to 2013. The largest deviation fit to the aviation business, instead of the positive EUR 71.5 million expected, generated a loss of 27.7 million. And the deficit maintenance unit in Brazil added another 27.4 million of losses to the final result, despite the improvement over the previous year.


                     


                          A report that the PUBLIC had access shows that the slippage compared to budgeted figures was 286.3%, two months before the government decides to relaunch the privatization of the group. This deviation was due largely to the accounts of TAP SA, which aggregates the air transportation business. The airline went from profits to losses, generating losses of 27.7 million, while a year earlier had reached a profit of 8.5 million.

The air carrier sales increased 0.1% over the first nine months of 2013 to 1.8282 billion euros, but forecasts pointed to a rise of 6.9%. Specifically in income from tickets, growth was by 0.2% to 1.6763 billion, when the goal was to reach 1.7625 billion -. 86.2 million achieved above the

Despite the increased demand, which resulted in growth in the number of passengers carried, prices fell, reducing the revenue of the group. The same document describes the average rate in the aviation business (including TAP and PGA regional company, which is also part of the group) dropped to 189.14 euros, representing a fall of 7.7% over the period January and September 2013. Given the estimates of management, the deviation is 10.6%, as expected a value of around 211.50 euros.

Summer cost 28 million
But there was another component that shook the air transport accounts: the troubled summer of TAP, with successive cancellations and technical problems. The costs of supplies and services rose 6.1% to September last year, reaching close to 732 million euros. And, according to the report, one of the factors that contributed most to this slippage was the increase in expenses related to “operating costs with flight and traffic” in the order of EUR 27.8 million, “in almost all associated with irregularities (charter aircraft and passenger expenses). “

In other words, a substantial part of the nearly 28 million mentioned in the document served to pay the rent of third aircraft to operate flights that TAP could not perform and to support customer service, accommodation, food and alternative transportation. At the time, the company justified the summer of problems with staff shortages, due to the change of training rules and were penalized also by the delay in the arrival of six new aircraft. At a hearing in Parliament, the group’s president, Fernando Pinto, admitted that canceled 543 flights between June and August.

The report to which the PUBLIC had access does not refer to impacts of strikes since, between January and September, TAP was affected only by the stoppage of 24 hours of the pilots on 9 August. The greatest constraints were felt between October and the end of the year, with the protests of the crew and the threat of strike four days of 12 unions, to which the government responded with a civil request.

In what concerns the PGA carrier TAP bought in late 2006, the document shows that the results were positive, and the company generated EUR 1.7 million of profits by the end of the third quarter – 73.5% of the value had been budgeted. However, this is a reduction from the 2.5 million achieved in the same period of 2013.

Brazil reduces losses
63.3 million euros losses of the group also were due, in large part, the loss-making maintenance unit in Brazil, acquired in 2005 the bankrupt Varig. The document reveals that the M & E generated losses of 27.4 million by September, which is an improvement over the 29.3 million a year earlier but a 4.6% deviation relative to the forecasts (losses 26.2 million). The operating revenues increased by 8.6% between January and September and costs decreased 3.3%.

For the overall result of the group also contributed negatively to holding TAP SGPS, with 15.2 losses million – which nearly doubled in one year. And on the other end of the scale, there is the operator handling Groundforce, with profits of almost 800,000 euros (concerning the 49% that TAP has in the company), and TAPGER, which aggregates subsidiaries as Free Shops or Cateringpor. This group of companies generated 4.6 million euro gain, surpassing by 1.4% the results that had been projected.


                     
 
                     
                 

                     

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