Turkish Airlines' net profit triples in 9-month

By Gokhan Ergocun

ISTANBUL (AA) - Turkish Airlines on Wednesday announced a net profit of $755 million for the first nine months of 2018, up nearly two times from $263 million during the same period last year.

In a statement, the airline said its total revenue increased by 20 percent to $9.9 billion during the first three quarters of the current year, versus the same period last year.

The airline also posted a record operating profit with $1.15 billion in the nine-month period, up from $956 million in the same period in 2017.

The number of destinations served by the flag carrier reached 304 destinations, including 49 domestic and 255 international, in 122 countries as of September, the company said.

The carrier operates a total of 329 aircraft -- 217 narrowbodies, 92 widebodies, and 20 cargo aircraft -- and it aims to raise this number to 475 aircraft by 2023.

The airline’s capacity also increased by 6 percent in the January-October period, with the airline serving 58 million passengers with an occupancy capacity of 82 percent.

Capacity is essentially calculated by multiplying the available seats by kilometers.

The carrier's passenger demand also rose by 10.3 percent in the same period, while the global aviation sector's demand increased 7 percent, respectively.

The airline's earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) increased 16 percent to stand at $2.8 billion.

Subsidiary Turkish Cargo carried over 1 million tons in the nine-month period, marking a 25 percent rise year-on-year.

Turkish Cargo's revenue also increased by 29 percent to reach $1.2 billion in the January-September period, versus the same period last year.

“Today, with our significant investments, impressive growth figures and numerous successes we achieved, we continue to strengthen our prestigious position in the global aviation industry,” the airline’s chairman Ilker Ayci said in the statement.