ISTANBUL: Turkish Airlines has posted a net profit of $939 million in the third quarter of 2017 thus setting a new record in company’s history.
The nine-month operating net profit surged to $956 million, thanks to the financial discipline and dynamic demand management applied since the beginning of 2017, said a statement from the Turkish national carrier.
The successful third quarter marked a 23 per cent increase on total revenues compared to the same period of 2016, reaching $3.6 billion. The nine-month average on total revenues marked $8.2 billion with an 8 per cent increase.
Turkish Airlines told that the margin of its earnings before interest, taxes, depreciation and amortization (ebitda) increased 90 per cent to $1.5 billion. The 41 per cent ebitda margin confirms the airline’s position amongst the most profitable airlines of the industry.
“The net profit recorded in Q3, clearly demonstrates our capacity to generate cash,” remarked İlker Aycı, the chairman of the board and the executive committee of Turkish Airlines.
“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,” he added.
According to the 2017 Q3 financials, Turkish Airlines with 81.5 percent reached the highest September occupancy capacity of the past 5 years.
The airline’s occupancy capacity increased by 17 percent compared to Q3 of 2016, with the airline serving 21.3 million passengers. Hence, the 9-monthly average reached 79 percent occupancy reaching 52 million passengers. Financial measures applied translated as 6 percent decrease in the 9-monthly operational costs, said the statement from the national carrier.
On its cargo arm, Turkish Airlines said it had increased its destinations from 55 to 72 as of 2017 Q3, reaching to 294,000 tons of cargo with 29 per cent increase.