Turkish Airlines, Turkey, economy, flights, loss, profit, half, year, first, 2018, oil price, currency, demand, travel
Turkish Airlines

Turkish Airlines’ revenues up 30% to $6bn

The carrier raised its net operating profit from $17 million to $258 million. But a new crisis may damage this trend.

Turkish Airlines has posted strong results for the first half of 2018 as its revenues rose significantly, up 30% year-on-year to reach $6 billion, Trade Arabia reports. It compares to a sizeable loss for, for example, the full year of 2016.

The carrier was able to raise its net operating profit from $17 million to $258 million, which it said was due to increasing demand and unit revenues, despite rising fuel prices.

However, Turkey’s deepening financial crisis may yet have an impact on the wider economy, dampening demand for business travel during the coming months.

EBITDAR (earnings before interest, taxes, depreciation, amortization and rent), an indicator that can be used to show cash generation ability, stood at $1.28 billion for the first half of 2018, up 38%.

The EBITDAR margin improved by 1.5 percentage points to 21.5% – the highest first-half value that Turkish Airlines has ever achieved.

Load factor for the half-year climbed 4.3 percentage points to 80.4%, the highest first-half load factor in Turkish Airlines’ history.

The total number of passengers carried, capacity (ASK) and demand (RPK) increased 18% (to more than 35 million), 9% and 16%, respectively.

New routes
Turkish operates flights to 49 domestic and 255 international destinations, making a total of 304 destinations in 122 countries, which it achieves with 325 aircraft. This year it launched routes to Freetown, Samarkand, Krasnodar and Moroni. It says it aims to reach 500 aircraft by 2023.

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