Turkish Airlines posts record net profit for Q3

By Tuba Sahin

ANKARA

Turkey’s national flag-carrier, Turkish Airlines, announced Thursday a record operating net profit of 2.43 billion (about $630 million) for the third quarter of 2017 up from 548 million for the same period last year.

In a statement, the airline said its total revenue increased by 23 percent in dollars, 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,” chairman Ilker Aycı said.

The number of destinations served by the flag carrier reached 300 destinations, including 49 domestic and 251 international, in 120 countries, the company said.

The airline’s capacity also 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.

Capacity is essentially calculated by multiplying the available seats by kilometers.


Turkish Cargo

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

Ayci said the airline would maintain the growth trend without compromising the service quality.

Subsidiary Turkish Cargo carried 294,000 tons in the quarter of the year, 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.