Turkish Airlines Announces Consolidated Financial Results for the Fiscal Year of 2006

On April 6th, 2007 Turkish Airlines (THY) has announced its Consolidated Financial Results for the Fiscal Year of 2006.

As announced before, THY has established Turkish Airlines Technic on May 23rd ,2006 and THY DO&CO AS, joint venture catering firm 50% - 50% owned by Do&Co Restaurants & Catering A.G. on September 15th ,2006. As of January 1, 2007, THY DO&CO A.S. provides catering service to THY.

THY, while increasing its fleet capacity by 56% from 65 aircraft to 103 as of 2002 to 2006 respectively, also strictly practicing its cost cutting policy to reduce its costs.

As a result of fleet planning in 2004, THY placed an order of 59 aircraft, and out of 59\ 31 of them already joined the fleet as of March 2007. 9 and 19 more aircraft will be delivered in 2007 and 2008 respectively. Turkish Airlines has completed the financing of all aircraft delivered in 2005, 2006 and 2007 at LIBOR and EURIBOR with success.

Net Income as of 2006 increased by 28% to $32 mn compared to previous year. Operating Profit which was $70 mn as of 2005 ended at $64 mn in 2006 due to fuel price increase, which had negative effect of $108 mn on Operating Expenses in year 2006.

Consolidated Financial Results for the Fiscal Year of 2006

-Net Profit $132mn (+28%)
-Profit before tax $139 mn (+3%)
-Operating Revenue $2.832 mn (+22%)
-Assets $3.272 mn (+15%)
-Passenger carried 17 mn (+20%)

Turkish Airlines plans to complete the membership process in 2007 to become a Star Alliance member, and continues to aim to become one of the best global airlines in the sector by expanding its destinations and by increasing the number of passenger carried.

For Further Information please contact
Investor Relations Department
Tel: 90-212-468-7030 or 90-212-463-6363 x-3630
E-mail: ir@thy.com

Disclaimer: This English-language media release is provided for information purposes only; reliance should only be placed for all statutory and regulatory and other purposes on the original Turkish language version alone.

17.03.2013 Updated