Turkish Airlines nine month net profit 304 million USD
Turkish Airlines nine month 2009 consolidated financial statements were reported to Istanbul Stock Exchange...
According to the reported financial statements, sales revenue decreased by 11 percent, reaching 3 billion 225 million USD. Turkish Airlines operating profit stood at 389 million USD, a 5 percent increase compared to the same period in 2008. However, due to the fall on tangible assets caused by the global recession and its effects on the global aviation sector, net profit dropped by 43 percent to 304 million USD.
During the third quarter of 2009, Turkish Airlines generated revenues totalling 1 billion 333 million USD, 9 percent less than the year before. During the same period, Turkish Airlines operating profit increased by 17 percent, reaching 290 million USD, net profit dropped by 28 percent to 239 million USD.
In parallel to the sales revenue, the upward growth trend in traffic results continued during the nine months of 2009. The number of passengers carried increased by 10 percent, to 18 million 635 thousand, cargo and mail carried increased by 9 percent to 162 thousand tons. Available seat kilometers (ASK) increased by 21 percent, while revenue per kilometer (RPK) climbed 14 percent. As a result, the passenger load factor declined by 4 percentage points from the previous year, to 70.9 percent.
The aviation sector is still exposed to the effects on the ongoing global financial crisis. In such a difficult environment, Turkish Airlines’ positive operational and financial results is an indicator of the effectiveness of the strategic decisions taken and the sucess of the implemantations of these decisions. Despite the sharp declines in traffic results and unit revenues in the global aviation sector, Turkish Airlines’ 35 percent operating profit increase is a significant achievement.
Being listed for the first time on the MSCI Index, which was released on November 11, 2009, is considered as an indicator of the positive results of Turkish Airlines.
Turkish Airlines, Inc