Turkish Airlines report net profit of USD1.5 billion for Q3


(MENAFN) Turkish airlines reported a net profit of USD1.5 billion for the third quarter of 2024, marking a 19.6 percent decline compared to the same period last year. The airline's revenues increased by 4.9 percent year-on-year, reaching USD6.6 billion between July and September. Despite facing challenges such as ongoing global geopolitical tensions, aircraft production bottlenecks, and engine issues, Turkish Airlines continued to grow due to its agility and extensive flight network. The carrier boosted its passenger capacity by 5.4 percent during this period, carrying 24.5 million passengers.

Passenger revenues, which made up 84 percent of the total, rose to USD5.6 billion, driven by strong demand from the Far East region. Cargo revenues saw a significant boost, climbing 47 percent annually to reach USD911 million. However, due to competitive pressure on passenger unit revenues and the impacts of global inflation and engine problems on costs, the airline’s Profit from Main Operations stood at USD1.3 billion for the third quarter of 2024.

The airline's EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) amounted to USD2.3 billion, with an EBITDAR margin of 35.2 percent. In the first nine months of 2024, Turkish Airlines increased its fleet by 9 percent, bringing the total number of aircraft to 467, despite ongoing challenges in aircraft production.

For the year-to-date period from January to September, Turkish Airlines posted a net profit of USD2.7 billion, slightly lower than the previous year. Despite these challenges, the airline has maintained strong growth and profitability in its core operations.

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