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Turkish Airlines posts record profit in Q3

Turkish Airlines Chairman İlker Aycı
With $939 million, Turkish Airlines posted a record net profit in the third quarter of 2017. The airlines recorded nine-monthly operating net profit of $956 million.
The successful third quarter marked a 23 percent increase in total revenues compared to the same period of 2016, reaching $3.6 billion. The nine-month average on total revenues marked $8.2 billion with an 8 percent increase.
According to Turkish Airlines 2017 third quarter financial results, the margin of its earnings before interest, taxes, depreciation and amortization (EBITDA) increased 90 percent to $1.5 billion. The 41 percent EBITDA margin confirms the airline’s position among the most profitable airlines of the industry.
“The net profit recorded in 2017’s third quarter, clearly demonstrates our capacity to generate cash,” said lker Aycı, Turkish Airlines chairman of the board and executive committee.
“We will continue this growth trend without ever compromising on the quality of our service…” he added.
According to the 2017 third quarter financial results, Turkish Airlines, with 81.5 percent, reached the highest September occupancy capacity of the past five years.
The airline’s occupancy capacity increased by 17 percent compared to the third quarter of 2016, with the airline serving 21.3 million passengers. Hence the nine-month average reached 79 percent occupancy, reaching 52 million passengers. Financial measures applied translated as 6 percent decrease in the nine month operational costs.
On the other hand, Turkish Cargo has increased destinations from 55 to 72 as of 2017 third quarter and has reached 294 thousand tons of cargo with 29 percent increase.
Turkish Cargo in the third quarter of 2017 also increased revenues by almost 40 percent reaching $343 million. Turkish Cargo was recently awarded the “Best Air Cargo Carrier in Asia.”
Along with the new destinations of 2017 such as Samara and Phuket, the number of destinations served by the flag carrier reached 300 in the third quarter of 2017, including 49 domestic and 251 international destinations in 120 countries. The fleet of Turkish Airlines, one of the youngest in the world, contains 223 narrow-body planes, 90 wide-body planes and 16 cargo planes.

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