Turkish Airlines posts US$939M net profit in Q3 2017

ISTANBUL: Turkish Airlines made US$939 million net profit in the third quarter of 2017, a record in its more than 84-year history, as the global passenger demand hits a new high this year of more than 4 billion.

Its subsidiary, Turkish Cargo, also raked in profits during the period at almost 40 percent to US$343 million. It was adjudged as the “Best Air Cargo Carrier in Asia” in 2017.

The company said the successful 3rd quarter marked a 23 percent increase on total revenues compared to the same period of 2016, reaching US$ 3.6 billion. The 9-monthly average on total revenues marked US$ 8.2 billion with an 8 percent increase.

According to Turkish Airlines 2017 Q3 financial results; the margin of its earnings before interest, taxes, depreciation and amortization (EBITDA) increased 90 percent to USD 1.5 billion. The 41 percent EBITDA margin confirms the Airline’s position amongst the most profitable airlines of the industry.

“The net profit recorded in 2017 Q3, clearly demonstrates our capacity to generate cash. As the Turkish Airlines family with our common aim to become one of the leading five star airlines of the world, we will continue this growth trend without ever compromising form our service quality. As largest exporter of Turkey, our march will continue to position I s t anbul a s a ma jor hub for international airport,” said İlker Aycı, Turkish Airlines Chairman of the Board and Executive Committee.

The airline recorded more than 80 percent load factor in Q3 2017 covering 21.3 million in passenger traffic. This brings to 52 million the passengers it had served over the past nine months in the current year.