Angolan airline posts loss of US$12 million in first half

4 August 2017

Angolan flagship airline TAAG reported a loss of US$12 million in the first half, more than double the loss recorded in 2016, the company said in a statement issued on Thursday in Luanda.

The airline said in the statement that the unaudited financial results for the first six months of 2017 still showed “some improvements,” despite the loss in the half compared to the loss of US$5 million for the entire year in 2016.

“This level of performance is much better if we compare it with historical losses of more than US$150 million in some years,” said the company, which until 10 July was managed (since the end of 2015, via concession agreement) by air carrier Emirates, with Peter Hill as chairman of the board.

TAAG explained the decline of the accounts for the six-month period with a provision of 21 million euros relating to “unfunded tax liabilities abroad” for the 2010 financial year.”

The Angolan company, which is expected to continue to be managed by a management committee headed by Joaquim Teixeira da Cunha, at least until the 23 August general election, following the “abrupt” exit by Emirates, said that passenger transport allowed revenue growth of 16% year-on-year and freight increased by 78%. (macauhub)