Pegasus’ loss falls as passenger number up

ISTANBUL - Reuters

The first-quarter loss of Turkey’s largest private airline, Pegasus, has sunk to about 5 percent of last year’s loss for the same period, the company said.

The recovering financial figures came few weeks after the airline company’s shares started to be traded on the stock exchange.

Falling fuel price impact

Thanks to a rising number of passengers and downturn of fuel prices, Pegasus reduced its losses to 6.3 million Turkish Liras for the first quarter from 105.4 million liras of the same period last year.

The sales revenues of the company reached 386 million liras, up 38 percent, as passenger numbers rose by 28.1 percent to 3.25 million.

“Last year the fuel expense to revenue ratio was 72 percent, while this year it has fallen to 50 percent,” Oyak Investment said in a statement assessing Pegasus’ figures.

The statement also said the company had started the year well even though the first quarter is generally a weak period globally for airline companies.

Pegasus completed its initial public offering on April 22, selling a 34.5 percent stake toward the middle of its price range. The carrier raised 650 million liras in the sale, which attracted twice as much in bids.