Turkish Airlines records profit in first nine months of 2014

Sales revenue increased by 33 percent in the first half reaching 18,4 billion TRY.

Turkish Airlines’ first nine months 2014 consolidated financial statements were reported to Borsa Istanbul. Compared to the same period of 2013, sales revenue increased by 33 percent (15 percent in USD terms) reaching 18,4 billion TRY. 

Turkish Airlines recorded 1 billion 154 million TRY operating profit in the third quarter of 2014, implying a 38 percent increase compared to the same period of 2013 and completed the first nine months of 2014 with 1 billion 467 million TRY operating profit.  Net profit stood at 1 billion 373 million TRY for the third quarter and 1 billion 545 million TRY (increasing 87 percent) for the first nine months of 2014.

During the first nine months of 2014, 41.4 million passengers were carried impliying a 14% increase in passenger traffic. Available seat kilometers (ASK) and revenue passenger kilometers (RPK) increased by 17%, resulting a stable load factor of 79.7%. Number of international to international transfer passengers increased by 23 percent reaching a 43 percent share within total international passengers.

Being one of the fastest-growing air cargo brands in the world, Turkish Cargo also witnessed a 20 percent tonnage growth and carried 491 thousand tonnes of cargo in the first nine months of 2014. Turkish Cargo was named “Overall Carrier Of The Year” and "Combination Carrier of the Year” at the Payload Asia Awards 2014.

Analyst Saj Ahmad commented: “Turkish Airlines' sharp rise in revenues for the first three-quarters of 2014 demonstrates just how the operator is one of the few dynamic airlines that is providing a viable, competitive and comparable product to its neighbouring Gulf rivals in Emirates, Etihad and Qatar Airways.
 
“Like Dubai, Istanbul has provided Turkish Airlines a unique travel connection point using the hub as a one-stop anchor for its ever-expanding global footprint.”
 
Ahmad added: “With a profit of 1.5bn TRY in the first nine months of the year on revenues of 18.4bn TRY, the airline has increased traffic by 15$ over the same period a year ago highlighting the demand pool that the airline is tapping into. This is supported by Turkish Airlines 17% rise in available seat kilometres that has bolstered load factors to almost 80%. With another 17 more Boeing 777-300ERs to arrive as well as a selection between the A350 and 787 families, those that argue that the dominance of the Gulf Big Three is skewing competition need to look no further than Turkish Airlines to see that viable and profitable behemoths do exist outside of them.”