Turkish Airlines Posts Fifth Consecutive Quarter of Net Profits

Turkish Airlines released its financial and operating results for the third quarter of 2022. Turkey’s national carrier reported positive figures, making it the fifth consecutive quarter with a net profit.

As reported by the company itself in a press release, Turkish Airlines made a net profit of 1.5 billion dollars between July and September. The official statement highlighted “operational agility” and “ability to meet growing demand” as key elements of the recovery.

Total revenues reached 6.1 billion dollars, up 52% from what was reported in the third quarter of 2019.

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In addition, cargo revenues, which accounted for 14% of the total, increased 110% compared to the same period in the year prior to the start of the pandemic. The company reported cargo revenues of 880 million dollars.

Separately, Turkish Airlines highlighted a 5% reduction in unit costs, excluding fuel, compared to the third quarter of 2019. As a result, earnings before interest, taxes, depreciation, amortization and leasing reached 2.1 billion dollars. The airline said the result “shows the company’s cash generation potential.”

Total seat capacity exceeded 2019 levels by 16% during the third quarter. Between July and September, the airline carried a total of 23 million passengers. The occupancy rate was 91.4% on domestic flights, while it reached 85.3% on international operations.

As of September 30, Turkish Airlines had a total of 390 aircraft in operation in its fleet, 260 of them single-aisle and 109 narrow-body, as well as 21 cargo aircraft.

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Despite operational contingencies at many of Europe’s largest airports, especially during the northern summer season, the airline recorded a cancellation rate of 0.3%, well below the European operators’ average of 1.7%.

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