Turkish Airlines posts loss, grounds planes

Nine-month $463mn net loss from last year’s $877mn profit
Turkish Airlines has posted a net loss for the first nine months of 2016, of $463 million. It is a drastic reversal from the $877 million net profit for the same period last year.
Revenues were down 6% to $7.6 billion, while the operating loss was $154 million as opposed to the $894 million operating profit for the same period in 2015.
The previously fast-growing airline, which recently replaced its chief executive, blamed political and economic instability in Europe and Middle East. There are also problems with too much capacity and tough competition.
The Star Alliance member saw 48.3 million passengers during the nine-month period, up 4%, on 357,000 flights, but load factor was down to 74.5% from 79%.
It plans to reschedule deliveries of 92 Airbus A321neos, 65 Boeing 737 MAX 8s and 10 737 MAX 9s that had been due to enter the fleet by 2022. Sources tell ATW that Turkish Airlines has grounded about 30 planes because of poor demand.