TAP (LIS) shows a profit but neighbor Iberia (MAD) continues to strike..

With a profit of 15.9 million euros in 2012, this was well above the 3.1 million in 2011, TAP SA achieved positive results for the fourth consecutive year.
In 2012, total debt was reduced from 1042 TAP million to 862 million, which represents an improvement of 21%. Note also that the total debt, which in 2011 represented 46% of total income and gains, fell to 35% in 2012.
Obtaining a positive net income for the fourth year was made possible by the company’s growth, which reached 4.4% with over 10,186 million passengers, surpassing for the first time in its history the barrier of 10 million.
Total revenues in financial year 2012 amounted to 2,429 million euros, showing an increase of 6.9% compared to 2273 million in the previous year, highlighting the Maintenance Assistance (Third Party) with an improvement of 23% and ticket revenues with a growth of 6.7%

Iberia Operating loss for the year to December 31, 2012 of €23 million before exceptional items ($29.8 million) (2011: operating profit €485 million). After exceptional items operating loss for the year not including Iberia restructuring and impairment was €68 million, compared to our guidance in November of €120 million.

This is one merger British Airways is now regretting..

Update.....TAP to strike 3/21/13..
"There are already negative effects," a statement from the AHP association quoted Miguel Júdice as saying. Unions representing TAP employees have already given notice of the strike, planned for 3/21/13 - 3/23/13

"These strikes in the transport sector paralyse the country's economy," Júdice said.

"It means entrepreneurs not travelling and selling the country, and tourists no longer buying our country and our products."

Given the huge impact of such strikes, he said, there is a need to tackle the "taboo" of the law governing industrial action.

Júdice called for dialogue and "good sense", stressing that the hotel sector and tourism are "fundamental" for the economy's recovery