Turkish Airlines posts record net profit for Q3

Turkish Airlines posts record net profit for Q3

ANKARA
Turkish Airlines posts record net profit for Q3

Turkish Airlines announced on Nov. 9 a record operating net profit of 2.43 billion liras (around $630 million) for the third quarter of 2017, up from 548 million liras for the same period last year.

In a statement, Turkey’s national flag-carrier said its total revenue increased by 23 percent in dollar terms, reaching $3.6 billion in the third quarter of 2017.

The airline’s nine-month operating net profit stood at $956 million and its total revenues amounted to $8.2 billion, an increase of 8 percent over the same period in 2016.

“The net profit recorded in 2017 Q3, clearly demonstrates our capacity to generate cash,” Turkish Airlines chairman İlker Aycı said.

The number of destinations served by the flag carrier has reached 300 destinations, including 49 domestic and 251 international destinations, the company stated.

It also said its capacity increased by 17 percent in the third quarter, with the airline serving 21.3 million passengers over the quarter with an occupancy capacity of 79 percent.

The airline’s margin of earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 90 percent to stand at $1.5 billion.

Aycı vowed that the airline would maintain its growth trend without compromising on service quality.

Meanwhile, its subsidiary Turkish Cargo carried 294,000 tons in the third quarter of 2017, marking a 29 percent rise year-on-year.

Turkish Cargo in the third quarter of 2017 also increased revenues by almost 40 percent, reaching $343 million. Turkish Cargo was recently awarded the ‘Best Air Cargo Carrier in Asia,’” the statement read.

Turkish Airlines, Economy, profit