Turkish Airlines reduces losses 78 percent in Q1

Turkish Airlines reduces losses 78 percent in Q1

ISTANBUL
Turkish Airlines reduces losses 78 percent in Q1

Turkey’s flag-carrier company Turkish Airlines has recorded a net loss of 314 million Turkish liras in the first quarter of 2018, with a 78 percent decrease compared with the same period in 2017.

Sales revenues in the first three months of the year were recorded as 10.5 billion liras with an increase of 44 percent, according to a statement from Turkish Airlines to the Public Disclosure Platform (KAP) on May 9.

In a presentation to the company’s investors, it was stated that earnings before interest, taxes, depreciation, amortization, restructuring, or rent have doubled in the first quarter to $528 million year-on-year.

Turkish Airlines recorded an operational net profit of $3 million in the first quarter. In the first three months of 2017, it had recorded an operational net loss of $209 million.

According to its activity report, the company’s short-term liabilities totalled to 19.5 billion liras and long-term liabilities totalled to 33.6 billion liras as of the end of the first quarter in 2018.

The company’s financial expenses in the first quarter of 2018 have decreased to 634 million liras from a level of 1.1 billion liras in the same period in 2017, pointed out by state-run Ziraat Bank’s investment arm.

“The decrease in the net loss is caused by a recovery in operating profits and a decrease in exchange difference expenses,” İşbank said, assessing the positive results of the company in its note to investors.

Turkish Airlines, 78 percent, Losses