Turkish Airlines posts record profit in Q3
Turkish Airlines posts record profit in Q3
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.
New Balance opens store in Riyadh
American multinational corporation New Balance Inc. (NB), a global leader in athletic footwear, apparel and accessories, opened its new store in the Saudi capital on Thursday. The store, located in the high-end Riyadh Gallery Mall on King Fahd Road, showcases women’s and men’s shoes, apparel and sportswear, sports equipment, and kids and lifestyle selections.
Top Brazilian footballer Carlos Eduardo de Oliveira Alves, who plays for Saudi Arabia’s Al-Hilal Club, cut the ribbon to mark the opening of the New Balance store. The inaugural ceremony was attended by a large number of industry leaders and top-notch executives of Apparel Group, which owns and operates the New Balance stores in Saudi Arabia.
Speaking on this occasion, Alves said: “I am happy to open the store of New Balance, with which I have been associated.”
The footballer, who recently signed a two-year contract with New Balance endorsing the brand, called on the shoppers “to visit the store where they will be led into an interactive and immersive experience of the brand, welcomed by dynamic visuals.”
Referring to the range of the New Balance Athletics Inc., a statement released on this occasion, said: “The New Balance’s Riyadh store is roomy and bright, and presents the brand’s footwear and apparel in a raw-concrete environment.”
New Balance, the Boston-based maker of trainers and running shoes, is planning to aggressively expand its presence in the Gulf region, increasing its store count to 50 by 2020.
“The launch of this store is the pinnacle of our progress in the Kingdom and the Middle East, but it is also just the start,” said the statement, adding that the Boston-based company is excited to announce the release of the 247v2. As a contemporary evolution, the updated silhouette makes a nod to NB heritage, while further representing the intersection between where lifestyle and sport meet, it said.
Alves, who inaugurated the New Balance store, plays for the Al-Hilal Club as a midfielder. He joined Al-Hilal in 2015, scored several goals for the club and won many honors.
New Balance Athletics Inc., popularly known as New Balance, is among one of the world’s major sports footwear makers.
This $3.8 billion company, which has more than 5,000 employees globally on its payroll, manufactures shoes with high-technical specifications such as, blended gel inserts and heel counters.