TAP PORTUGAL has posted 2004 net profit of E8.6m, significantly lower than a year ago and below its own forecast due to high fuel prices. The airline's 2003 net profit was E19.7m, but its 2004 forecast was for net profit of E15.8m. The carrier said it spent E72m more than was budgeted for fuel. TAP Portugal expects to post net profit of E14m for 2005, chief executive Fernando Pinto said. The airline is looking to privatise and considering a possible partnership or merger with PGA-Portugalia Airlines.
http://www.tap.pt