TAP Air Portugal says a record number of passengers helped it post a €3.1 million ($4.12 million) profit for the last year despite a 37% increase in fuel costs. The flag-carrier said it carried 9.8 million passengers in 2011, a 7.3% increase on the 2010. Total revenue rose 4.2% to €2.3 billion, while fuel costs reached €717 million. The state owned company is slated for privatization this year as part of government revenue-raising measures attached to last year’s €78 billion EU/IMF bailout and this news today will help that along. The problem for TAP and any potential sale is that it has debts amounting to around €2 billion.
TAP posts impressive profit
