hkskyline
February 17th, 2006, 05:52 PM
Portugal to part privatise TAP in 2007
LISBON, Feb 16, 2006 (AFP) - The Portuguese government said Thursday it planned to sell part of newly profitable airline TAP-Portugal in 2007 but would retain control of the business.
The government currently owns all of TAP-Portugal, which posted a net profit of 8.6 million euros (10.2 million dollars) in 2004.
In November TAP-Portugal president Fernando Pinto warned that the company would struggle to post a profit in 2005 despite an increase in passenger numbers because of soaring fuel costs.
TAP-Portugal, a member of the Star Alliance, returned to profit in 2003 after four years of losses, posting a profit of 19.7 million euros owing to a cost-cutting measures and a rise in passenger traffic.
It returned to profit in 2003 after four years in the red, posting a profit of 19.7 million euros owing to a rise in passenger traffic.
LISBON, Feb 16, 2006 (AFP) - The Portuguese government said Thursday it planned to sell part of newly profitable airline TAP-Portugal in 2007 but would retain control of the business.
The government currently owns all of TAP-Portugal, which posted a net profit of 8.6 million euros (10.2 million dollars) in 2004.
In November TAP-Portugal president Fernando Pinto warned that the company would struggle to post a profit in 2005 despite an increase in passenger numbers because of soaring fuel costs.
TAP-Portugal, a member of the Star Alliance, returned to profit in 2003 after four years of losses, posting a profit of 19.7 million euros owing to a cost-cutting measures and a rise in passenger traffic.
It returned to profit in 2003 after four years in the red, posting a profit of 19.7 million euros owing to a rise in passenger traffic.