"The airline’s return to profits was possible, even though there was a drop in earnings, which totalled €2.242 billion, €156 million less than the €2.398 billion seen in 2015", TAP said in a communiqué.

The company, headed by Fernando Pinto said that "this drop [in income], however, was more than offset by an even larger reduction in operating costs, which were €227 million less than in 2015".