Foreign exchange losses were blamed for a €62.8 million fall in third quarter profits at TAP Air Portugal.
The net profit for the summer peak period ending on September 30 came in at €117.8 million as the airline also faced European air traffic control disruption over the summer.
This came as quarterly passenger carryings rose by 1.3% year-on-year while the number of flights operated decreased by 1.9%.
However, the result improved by €116.6 million compared to the equivalent pre-pandemic quarter in 2019.
Load factor for the period improved by 1,4 percentage points to 86.2% over 2023 and up by 3.3 percentage points against pre-Covid levels.
Operating revenues rose by 2% to almost €1.3 billion.
Chief executive Luís Rodrigues said: “We are pleased with our performance in the third quarter of 2024, despite the two major challenges faced – the difficult situation of air traffic management in Europe, and the significant currency devaluations.
“The improvement in punctuality and NPS (Customer Satisfaction Index) and the stabilisation of regularity confirm a more robust operation with a better service for our customers, resulting in increased revenues and consolidation of operating results.”
He added: ”Despite the current challenging context of the sector, we remain focused on transforming TAP, with the support of our people and stakeholders, into a sustainably profitable airline and one of the most attractive companies in the industry.”