Grupo TAP, parent of TAP Portugal, reported a summary result showing a net loss of ?9.9 million ($12 million) in 2005, reversing a net profit of ?8.6 million in 2004, which was fueled by a ?30 million extraordinary gain from the partial sale of ground handling unit Servicos Portugueses de Handling.

Turnover was not released, but the carrier said revenues from passenger operations increased 9.5%, revenue from cargo was up 24.4% and maintenance sales grew 28%. Operating expenses climbed 10.8%, or 3.8% excluding fuel cost. Load factor gained 2 points to 72.4% and total boardings amounted to 6.38 million compared to 6.05 million in 2004.

In February, the Portuguese government announced plans to sell a portion of the carrier but said it intends to retain control.