In a note released today, the airline reveals that between July and September it recorded “a historic record of operating revenues”, which amounted to 1.1 billion euros, “exceeding pre-crisis levels by 7.5%”, which allowed it to achieve “unprecedented financial performance”.

This result, the note indicates, was “driven by strong operating results and positive effects from the implementation of the currency hedging policy”, which also “reduced the currency impact of the previous quarters of 2022”.

“This situation is related to TAP's current financial risk management strategy, which aims to reduce the volatility of the impacts of exchange rate variations on the Income Statement. Even excluding the aforementioned improvement in the exchange rate hedging policy, the net result remains positive at 31.8 million euros.

In the information released today, the president of TAP, Christine Ourmières-Widener, says that the company "is confirming the solidity of its performance in the third quarter, with all financial metrics above pre-crisis levels, despite the increase in fuel".

Demand for the 4th quarter “remains quite strong, supporting expectations of a good accumulated result until the end of the year”, says the manager, adding: “Visibility for next year is, however, still limited and, given the uncertainties of the current situation, it is increasingly crucial that we maintain focus on our strategic plan, which has, so far, proven to be effective.”

Updated at 10am to change headline