Turkish Airlines posts $233 million profit

ISTANBUL

Turkish Airlines has reported that its net income increased by nearly 45 percent year-on-year in the first quarter of 2023 to $233 million.

Total revenues of the flag carrier amounted to $4.35 billion in the January-March period, pointing to a healthy 43 percent increase from a year ago.

Passenger revenue growth was more than 83 percent to $3.7 billion, technic revenue rose by 39 percent to $107 million.

Turkish Airlines flies to 290 international destinations in 128 countries as of May.

It carried 17.1 million passengers in the first quarter, up from 12.7 million a year earlier.

International passengers increased to 11.3 million from 7.6 million, with revenues from international passengers amounting to $3.34 billion. Domestic passengers rose to 5.8 million from 5.1 million.

The number of jets in the carrier’s fleet reached 411, including 111 wide body aircrafts.

Cargo revenues, however, fell nearly 40 percent from the first quarter of 2022 to $107 million, the company’s financials showed.

Profit from main operations stood at $114 million, down 30 percent. “There was a $190 million one-off effect on profit from main operations due to the earthquakes, including donations and humanitarian flights,” the company said.

Fuel expenses, which accounted for 35 percent of all costs, increased by 54 percent in the first quarter to $1.5 billion, while personnel costs were up 64 percent to $726 million.

Some 39.7 percent of the company’s revenues were in the U.S. dollar, while euro’s share was 26.8 percent.