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Turkish Airlines' nine-month profit surpasses $1 billion

Nov 12

Turkish Airlines' nine-month profit surpasses $1 billion

Increasing demand and unit revenues helped Turkish Airlines post a profit of $1.149 billion from main operations in the first nine months of 2018, despite the increasing fuel prices.
In a statement issued on Saturday, Turkish Airlines said it managed to increase both passenger and cargo revenue significantly achieving total revenue of approximately $4 billion in the third quarter of the year.
'With such remarkable performance, sales revenue in the first nine months increased by 20 percent to $9.9 billion when compared with the same period last year,' the company said.
Continuing its uninterrupted profitable growth performance, Turkish Airlines managed to increase its net profit thrice in the first nine months of the year and completed this period with a net profit of $755 million.
In the first nine months of 2018, the airline's EBITDAR (earnings before interest, taxes, depreciation, amortization and rent), which is used as a cash generation indicator, increased 16 percent to $2.8 billion, with an EBITDAR margin of 28 percent.
Commenting on the success, Turkish Airlines Chairman of the Board and the Executive Committee, Ilker Ayci said,'We put great emphasis on strengthening and improving the infrastructure conditions we have. Despite the various regional and sectoral conditions that we have encountered, especially in last few years, the persevering attitude we displayed has been the source of our steady rise.
'Today, with our significant investments, impressive growth figures and numerous successes we achieved, we continue to strengthen our prestigious position in the global aviation industry. As being one of the primary prides of our country, we are sure that this momentum will continue increasingly after moving to our new home, Istanbul Airport, as well.'
Turkish Airlines, which has strengthened its identity as a leading global airline with its extensive flight network, is operating flights to 49 domestic and 255 international destinations, a total of 304 destinations in 122 countries, along with Freetown, Samarkand, Krasnodar and Moroni routes which were opened this year.
The fleet of Turkish Airlines, one of the youngest and most modern in the world, operates a total of 329 aircraft, comprising 217 narrow body, 92 wide body and 20 cargo aircraft, as of today. Investing in the most advanced and environment-friendly new generation aircraft, Turkish Airlines aims to reach a fleet of 475 aircraft by 2023.
Looking at traffic numbers, the airline's total Load Factor climbed 3.2 percentage points to 82 percent during the first nine months of the year.
The same period also saw increase in the total number of passengers carried, capacity (available seat kilometre) and demand (revenue per kilometre) by 12 percent, 6 percent and 10.3 percent, respectively. Turkish Airlines carried approximately 58 million passengers during this period.
According to International Air Transport Association (IATA) first nine-month figures, the global aviation sector realised capacity growth of 6 percent and demand growth of 7 percent.
Turkish Cargo, which is the world's fastest-growing air cargo carrier, continues to maintain the services it provides to its customers in 122 countries. Having completed the nine-month period of 2018 with great success, Turkish Cargo carried more than 1 million tonnes of cargo with an increase of 25 percent compared with the same period of the previous year.
The cargo revenue during the period increased by 29 percent reaching $1.2 billion. Turkish Cargo continues its operations with the target of being one of the largest air cargo carriers in the world.
Opening for operations on the 95th Anniversary of Turkey, Istanbul Airport, will witness one of the most important milestones of Turkey's aviation industry and Turkish Airlines as well.
The growth of Turkish Airlines will accelerate with Istanbul Airport, which will bring a fresh momentum to the entire aviation sector.
With this major investment, Turkish Airlines will continue its growth path towards becoming the leader of the global aviation sector, by maximizing its passenger experience.