Turkish Airlines makes net profit of TL 1,134 million in 2008

Turkish Airlines’ consolidated financial tables for 2008 have been published on the Istanbul Stock Exchange.

According to the tables, the airline’s net profit rose by 327% on the previous year to TL 1,134 million. Sales revenues climbed 26% to TL 6,123 million, 78% of scheduled service revenues deriving from the airline’s international routes and 22% from the domestic. With 102 aircraft at the beginning of the year, the airline raised this by 25% to 127 at year’s end. The occupancy rate meanwhile climbed by 1.2 points to 73.9%. The Rn US$/ton for all of 2008 rose by 44% on the previous year, giving rise to an additional expenditure of 441 million dollars on this item. Despite this setback, however, principal operating profit was up by 25% to TL 633 million with a profit margin of 10.3%. Within the framework of Turkish Airlines’ fleet projection for 2009-2023, negotiations are continuing with Boeing and Airbus for 35 double-aisle long-range aircraft, 25 definite, 10 optional, and 50 short and medium-range aircraft, 50 definite and 20 optional. In addition, delivery of the 4 A321-200 airplanes Turkish Airlines decided to purchase from Airbus was completed in December 2008, and the five 777-300 ER airplanes it decided to purchase from Boeing in March 2009 will be delivered one a month from October 2010 to February 2011.