Turkish Airlines posts $1.5 bln profit in third quarter

ISTANBUL

Turkish Airlines boosted its net income from $655 million in the third quarter of 2019 to $1.5 billion in July-September.

The flag carrier’s revenues exceeded the 2019 levels by 52 percent to stand at $6.1 billion.

Passenger revenues increased by 46 percent from the third quarter of 2021 to $5.1 billion, while cargo revenues leaped 110 percent to $877 million.

Profit from main operations increased from $675 million to $1.4 billion and EBITDAR margin improved from 32.4 percent to 35.3 percent.

The company reported that its fuel and personnel expenses exhibited 98.2 percent and 4.5 percent increases in the third quarter of 2022 from three years ago to $2.1 billion and $578 million, respectively.

In the first nine months of 2022, Turkish Airlines carried a total of 53.9 million passengers, including 34.5 million international and 19.3 million domestic travelers. The company flies to 288 international destinations in 129 countries, providing 42,600 connection options.

The passenger load factor was 79.7 percent down from 81.4 percent in January-September 2019.

In January-September this year, Turkish Airlines’ net income soared 382 percent from the same period of 2019 to $2.25 billion. Revenues rose by 37.3 percent to $13.65 billion.

Separately, Turkish Airlines said on Nov. 2 that it received APEX World Class and 2023 Five Star Global Airline awards with its service standard from APEX (Airline Passenger Experience Association), one of the world’s most trusted and prominent aviation organizations.

“As only eight airlines were deemed worthy of this award throughout the globe, it shows the significance of our achievement,” said Ahmet Bolat, Turkish Airlines chairman of the board and the executive committee.

Flying to more countries than any other airline, the flag carrier was also chosen as a Five Star Global Airline for the sixth time this year with the passenger evaluations.