Airline , November 30,2020

TAP Air Portugal has posted a FY20 third-quarter net loss of €119 million ($142 million) compared to €1.2 million net profit in the FY19 third quarter.

The Airline also said to reduce its winter capacity by 60-70% year on year as Europe’s second wave of Covid-19 continues to travel restrictions.

The carrier made a net loss of €701 million for the first nine months ended 30 September, as its revenue plummeted 81%.

The airline plans to submit its restructuring plan to the European Commission on 10 December.

TAP also received close to €500 million of its potential €1.2 billion Government rescue loan.

Airline avoided bankruptcy, when the Government invested €55 million to increase its stake in TAP from 50% to 72.5% early this year.

TAP took delivery of two Airbus A321LRs during the period, and plans to retire two A320s and six A319s by the end of the year.