Turkish Airlines posts $233M net profit in first quarter
The airline's earnings before interest, taxes, depreciation, amortisation and rent totalled $770 million on the backing of strong revenue growth.
Flag carrier's revenue in January-March period hits $4.4 billion, according to financial results. / Photo: Reuters Archive
Turkish Airlines has announced that it registered a net profit of $233 million (4.4 billion Turkish liras) in the first quarter of 2023, led by a strong recovery in international demand.
The numbers, posted on Wednesday, marked the seventh consecutive quarter that the national flag carrier posted a net profit after the air travel sector was hit hard in 2020 when the first wave of the Covid-19 pandemic was felt in earnest.
The airline saw record-high first-quarter revenue in the January-March period, reaching $4.4 billion (82.1 billion liras), up 43 percent year-on-year.
Accounting for 84 percent of total revenue, passenger revenue rose by 83 percent to $3.6 billion.
Turkish Airlines increased the number of its fleet and workforce by 10 percent compared to last year.
It carried over 17 million passengers in the three months to March, with a load factor of 80.1 percent on domestic routes and 81.4 percent on international routes.
The profits came notwithstanding the adverse effects of the devastating magnitude 7.7 and 7.6 twin earthquakes that struck Türkiye on February 6, killing more than 50,000 people.
In February and March, the airline evacuated 430,000 earthquake victims from Türkiye’s quake-hit southern region and delivered 29,000 tons of aid materials.
Turkish Airlines currently has 414 aircraft and flies to 343 destinations – 290 international and 53 domestic.
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