THY posts record op­er­at­ing profit in 9 months, hits $1.1B

Daily Sabah (Turkey) - - Busi­ness -

THE air­line’s to­tal rev­enue in­creased by 20 per­cent to $9.9 bil­lion dur­ing the first three quar­ters of the cur­rent year ver­sus the same pe­riod last year, a state­ment by the com­pany said.

The air­line also posted a record op­er­at­ing profit with $1.15 bil­lion in the nine-month pe­riod, up from $956 mil­lion in the same pe­riod in 2017, de­spite the in­creas­ing fuel prices. The num­ber of des­ti­na­tions served by the flag car­rier reached 304, in­clud­ing 49 do­mes­tic and 255 in­ter­na­tional, in 122 coun­tries as of Septem­ber.

THY op­er­ates a to­tal of 329 air­craft - 217 nar­row-body, 92 wide-body and 20 cargo air­craft - and aims to raise this num­ber to 475 by 2023. The com­pany car­ried nearly 58 mil­lion do­mes­tic and in­ter­na­tional pas­sen­gers in the first nine months of 2018. The to­tal num­ber of pas­sen­gers rose 12 per­cent year-on-year in the nine-month pe­riod.

The num­ber of in­ter­na­tional pas­sen­gers - ex­clud­ing tran­sit pas­sen­gers - climbed 13 per­cent be­tween Jan­uary and Septem­ber. Dur­ing the same pe­riod, the air­line’s seat oc­cu­pancy rate - pas­sen­ger load fac­tor - in­creased by 3 per­cent­age points to 82 per­cent.

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

The car­rier’s pas­sen­ger de­mand also rose by 10.3 per­cent in the same pe­riod, while the global avi­a­tion sec­tor’s de­mand in­creased 7 per­cent, re­spec­tively. The air­line’s earn­ings be­fore in­ter­est, taxes, de­pre­ci­a­tion, amor­ti­za­tion and rent (EBITDAR) in­creased 16 per­cent to stand at $2.8 bil­lion.

Sub­sidiary Turk­ish Cargo car­ried over 1 mil­lion tons in the nine-month pe­riod, mark­ing a 25 per­cent rise year-on-year.

Turk­ish Cargo’s rev­enue also in­creased by 29 per­cent to reach $1.2 bil­lion in the Jan­uary-Septem­ber pe­riod, ver­sus the same pe­riod last year. “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,” the air­line’s chair­man, İlker Ayci, said in the state­ment.

Last year, the air­line car­ried 68.6 mil­lion pas­sen­gers with a 79.1 per­cent seat oc­cu­pancy rate. Ac­cord­ing to the air­line’s year-end tar­gets, the com­pany ex­pects to carry 75 mil­lion pas­sen­gers - in­clud­ing 33 mil­lion on do­mes­tic routes and 42 mil­lion on in­ter­na­tional routes - with around an 81 per­cent pas­sen­ger load fac­tor. A to­tal of 50.88 per­cent of the air­line’s stocks are pub­licly traded on the Borsa Is­tan­bul Stock Ex­change (BIST), while the rest are owned by the Turk­ish Wealth Fund.

Turk­ish Air­lines was named the Best Air­line in Europe by Sky­trax for six years in a row be­tween 2011 and 2016, and cho­sen as the Best Air­line in South­ern Europe for the ninth con­sec­u­tive time in 2017.

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