Tourexpi
Turkish Airlines runs $1.5B profit in 3rd quarter
Turkish
Airlines posted a $1.5 billion net profit in the third quarter of 2024, down
19.6% from the same period last year, it said Tuesday.
Revenues
of the national flag carrier rose 4.9% at an annualized pace to $6.6 billion in
July-September.
"Despite
ongoing global geopolitical tensions, bottlenecks in aircraft production, and
engine problems, Turkish Airlines continued its growth uninterruptedly thanks
to its agility and extensive flight network, increasing passenger capacity by
5.4% in the third quarter of 2024," the carrier said in a statement.
The
airline carried 24.5 million passengers during the three-month period.
Passenger
revenues, which accounted for 84% of the total, increased to $5.6 billion led
by strong demand from the Far East region.
Third-quarter
cargo revenues enjoyed a 47% annual surge, reaching $911 million.
"Due
to competitive pressure on passenger unit revenues along with the negative
impacts of global inflationary environment and engine problems on costs, Profit
from Main Operations (were) recorded as $1.3 billion in the third quarter of
2024," it said.
EBITDAR
(earnings before interest, taxes, depreciation, amortization and rent) amounted
to $2.3 billion, with the EBITDAR margin standing at 35.2%.
In
the first nine months of this year, Turkish Airlines increased its number of
aircraft 9% to 467 "in spite of bottlenecks in aircraft production."
The
company posted a $2.7 billion net profit in January-September, slightly down
from a year ago.
Image
Credit: © AA
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