Turkish Airlines recorded an operating profit of 510 million TL in the third quarter of 2011...
Sales revenue for the first nine months grew by 35%, reaching to 8,5 billion TL...
Turkish Airlines’ third quarter 2011 consolidated financial statements have been reported to Istanbul Stock Exchange. For the period, Turkish Airlines registered a successful result and recorded an operating profit of 510 million TL. Along with the third quarter results, operating profit for the first nine months is now 244 million TL.
The fluctuations in currency exchange rates experienced during the first half of the year continued into the third quarter, leading to a foreign exchange loss. As a result, third quarter net profit stood at 77 million TL and for the nine-month period there was a net loss of 467 million TL.
As a result of increased investments and traffic, third quarter sales revenue grew by 41%, reaching 3,6 billion TL with sales revenue for the first nine months reaching 8,5 billion TL, a 35% increase over the same period of 2010.
With a 25% increase in the third quarter, Available Seat Kilometers (ASK) increased by 24% in the first nine months of 2011. Compared to the same period last year, the number of passengers carried also increased by 12% in the third quarter, now totalling 24,3 million passengers for the first nine months of 2011.
As part of its strategy of forward looking growth, and coupled with the introduction of additional widebody aircraft to the fleet, Turkish Airlines was able to increase capacity on long-haul routes. Due to this capacity increase, both load factors and utilization declined, resulting in lower revenue yields and negatively influencing profitability during the first half of 2011. This negative revenue situation was also attributable to political turmoil in the MENA region, the earthquake in Japan and continued high jet fuel prices in 2011. Nonetheless, the third quarter registered increases in both load factors and utilization, especially on long-haul routes. These improvements reversed the negative results of the first half and led to an operating profit of 244 million for the first nine months of 2011. Despite intense competition in the aviation sector and turbulence in the global economy, Turkish Airlines’ excellent third quarter results indicate that the airline is primed for positive results the coming years.
Traffic and aircraft data for the first nine months, as compared with 2010, is shown on the table below:
|Traffic Data||Jan 1-Sep 30, 2011||% Change|
|Number of Destinations||187||13|
|Available Seat Km (Million)||59.950||24|
|Revenue Passenger Km (Million)||43.494||21|
|Total Passengers Carried (Thousand)||24.328||11|
|Transfer Passengers (Thousand)||9.365||15|
|B/C Passengers (Thousand)||923||11|
|AEA Passenger Market Share (%)||8,5||0.3 p.|
|Number of Narrow Body Aircraft||134||14|
|Number of Wide Body Aircraft||36||71|
|Number of Cargo Aircraft||6||20|
|Aircraft Utilization (hours per day)||11:46||-3.6|