Turkish Airlines posts $737 mln profit in first half

Turkish Airlines posts $737 mln profit in first half

Turkish Airlines has posted a net income of $737 million in the first half of 2022 with revenues in the second quarter exceeding the levels in 2019, reports TurkicWorld with the reference Hurriyet Daily News.

In the first half of 2019, the carrier reported a net loss of $203 million.

Total revenues grew 27.5 percent from January-June 2019 to $7.6 billion in the first six months of 2022, while profit from main operations totaled $693 million.

Passenger revenue in the first half increased by 7.9 percent from the same period of 2019 to $5.4 billion and cargo revenues rocketed 156 percent to $2.04 billion.

The carrier’s second quarter net income soared from $26 million in 2019 to $576 million with profit from main operations climbing from $15 million in April-June 2019 to $530 million.

Passenger revenue jumped 25.2 percent to $3.38 billion and cargo revenues grew 171 percent to $1.06 billion.

Fuel expenses increased by 51 percent in the first half from 2019 to $2.8 billion, while personnel costs dropped nearly 14 percent to $898 million.

Passenger services and catering costs also fell 17.4 percent to $246 million and maintenance expenses dropped 4.4 percent to $367 million.

Turkish Airlines also reported that it carried 7.84 million passengers in July, up 9.9 percent compared with the same month of 2019.

The international passenger tally increased 21 percent to 5.2 million, but the number of domestic passengers was down 6.7 percent to 2.7 million people.

From January to July, the company served a total of 38.7 million passengers, which marked an 8.3 percent decline from the same period of 2019.

The number of cities the carrier flew to rose from 313 in July 2019 to 335 last month and the number of jets in its fleet increased from 341 to 386.

Cargo and mail Turkish Airlines handled rose by 13.3 percent in the first seven months from the same period of 2019 to 965,413 tons.