Turkish Airlines posts record third quarter profits

Turkish Airlines posts record third quarter profits

Turkish Airlines has posted a net profit of US$939 million in 2017 quarter three, a company record.

The nine-monthly operating net profit is recorded as US$956 million.

The successful third quarter marked a 23 per cent increase on total revenues compared to the same period of 2016, reaching US$3.6 billion.

The nine-monthly average on total revenues marked US$8.2 billion with an eight per cent increase.

According to Turkish Airlines 2017 quarter three financial results; the margin of its earnings before interest, taxes, depreciation and amortization increased 90 per cent to US$1.5 billion.

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The 41 per cent EBITDA margin confirms the airline’s position among the most profitable airlines of the industry.

“The net profit recorded in 2017 quarter three, clearly demonstrates our capacity to generate cash,” Turkish Airlines chairman İlker Aycı said.

“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 Istanbul as a major hub for international airport.”

According to the financials, Turkish Airlines with 81.5 per cent reached the highest September occupancy capacity of the past five years.

The airline’s occupancy capacity increased by 17 per cent compared to quarter three of 2016, with the airline serving 21.3 million passengers.

Along with the new destinations of 2017 such as Samara and Phuket, the number of destinations served by the flag carrier reached 300 in the third quarter of 2017, including 49 domestic and 251 international destinations in 120 countries.

The fleet of Turkish Airlines, one of the youngest of the world, contains 223 narrow body planes, 90 wide body planes and 16 cargo planes, a total of 329 aircrafts.