State-run carrier TAP Air Portugal made a €65.6 million profit in 2022 after taking in revenue of €3.5bn and carrying almost 14 million passengers.
The return to profit came after a loss of almost €1.7bn in 2021, and came as the airline reported 2022 earnings of €268.2 million.
Passenger traffic was up 136% on 2021 and took TAP to over 80% of pre-Covid 2019 levels, with the number of flights up to almost 80% of 2019.
Annual revenue was up 151% on 2021, with capacity at 87% of "pre-crisis" and the load factor up 17 percentage points on 2021.
But "recurring operating costs" increased by 73.4% to €3.2bn, with fuel tripling to almost €1.1bn.
"TAP delivered in 2022, the first year of the restructuring plan, a performance close to that forecasted for 2025. This amazing performance was possible by the hard work and dedication of all employees, business partners and stakeholders. The level of forward bookings for 2023 indicates that there has been no change in demand trends but TAP still faces challenges. 2023 is about optimising revenues in an uncertain environment, further reducing costs against a backdrop of inflation," said chief executive Christine Ourmières-Widener.