THY's profits jump more than threefold amidst crisis

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THY's profits jump more than threefold amidst crisis



Turkish Airlines' (THY) net profit skyrocketed by 327 percent in 2008 over 2007, hitting TL 1.13 billion, the company announced yesterday. THY's consolidated financial statement for 2008 has been sent to the İstanbul Stock Exchange (İMKB), the company said in a statement. THY's income from sales increased last year, too, with a more modest 26 percent rise to TL 6.1 billion.







The number of aircraft in its fleet also rose, from 102 at the beginning of the year to 127 at the end. Parallel to its investments and new destinations, the number of passengers flying THY increased by 15 percent to 22.5 million in 2008. The amount of cargo carried by THY planes also rose 8 percent to 203,000 tons.
Seventy-eight percent of the airline's revenues from scheduled services came from international flights, while the remaining 22 percent was earned from domestic routes.
Noting that the price of oil was near $100 per barrel at the beginning of 2008, rose to peak levels above $140 in the middle of the year and then rapidly dropped to $40, the statement said: "The average fuel cost rose 44 percent in 2008, and this was reflected in our total fuel expenditures as an additional $441 million cost. Despite this, operating profits rose 25 percent to TL 633 million, while the operating profit margin stood at 10.3 percent. Moreover, an increase in the rates of exchange of various currencies also contributed positively to both revenues and expenditures of the company." THY said it hopes to see the same positive performance in the years ahead and hinted that it will keep expan ding operations with the purchase of new aircraft and new destinations in Turkey and abroad.

10 April 2009, Friday
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