Turkish Airlines has recorded an operating profit of 510 million TL in the third quarter 2011
Turkish Airlines’ third quarter 2011 consolidated financial statements were reported to Istanbul Stock Exchange. In the third quarter 2011, Turkish Airlines achieved successful performance and recorded an operating profit of 510 million TL. Along with the third quarter results, operating profit for the first nine months came in at 244 million TL. The increase in currency exchange rates during the first half of the year, continued to pace up strongly in the third quarter and hence resulted in f/x loss. Due to this, third quarter net profit stood at 77 million TL and nine month period net loss at 467 million TL. In line with the increase in investments and traffic, third quarter sales revenue grew by 41%, reaching 3,6 billion TL and sales revenue for the first nine months stood at 8,5 billion TL, a 35% increase compared to the same period of 2010. Along with the 25% increase in the third quarter, Available Seat Km went up by 24% in the first nine months of 2011. Compared to the same period of last year, the number of passengers carried increased by 12% in the third quarter, reaching to 24,3 million passengers for the first nine months of 2011. Within the strategy of forward looking growth, along with the entrance of widebody aircraft to the fleet since the last quarter of 2010, Turkish Airlines introduced more capacity in long-haul routes. Due to latter capacity increase; load factors and utilization declined, hence lowering revenue yields which led to negative effect on profitability during the first half of 2011. Political turmoil in the MENA region, Japan earthquake and high jet fuel prices in 2011 also contributed to this negative picture. However, load factor and utilization increase in all routes but especially in long-haul routes in the third quarter, reversed the negative results of the first half and led to an operating profit of 244 million in the first nine months of 2011. Despite the intense competition in the aviation sector and turbulence on the global economy, Turkish Airlines’ prosperous third quarter results indicate that Turkish Airlines will have the return of its investments in the coming years.
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Source: Turkish Airlines
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