THY’s profits fly high

ISTANBUL

Turkish Airlines has increased its net profits in the first nine months of 2012 to 868 million liras, up 665 percent from the same period a year earlier.

Turkish Airlines, the country’s rapidly growing flagship carrier, increased its net profits in the first nine months of 2012 to 868 million Turkish Liras, up 665 percent from the same period a year earlier at a time when its international rivals are fighting against a slump in revenues.

Its sales also increased 30 percent to 11.2 billion liras in the given period, the company said in a filing to Istanbul Stock Exchange (İMKB) yesterday. The core operating income rose to 1.08 billion liras.

The company’s number of passenger also increased 20 percent during the given duration, exceeding 29 million.

Another factor that played a key role was the 5.3 percent increase in utility rates to 77.9 percent.
The ratio of the transit passengers, an efficient business source for the Turkish Airlines, in overall operations increased to 42 percent, nearly doubling last year’s figures.

The company launched 21 new foreign destinations this year, increasing the number of routes abroad to 170, which are spread across 70 countries.

The company, which received its 200th plane earlier this month, recently placed orders for 35 wide passenger planes from Airbus and Boeing, with the latest delivery date being set for 2017.

Turkish officials have confirmed that the carrier is in talks with Lufthansa, the largest airline in Europe, to develop further cooperation. Sun Express, the joint venture of the two companies, is already active in Turkey.