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Turkish Airlines announces 2009 financial results

Airline's net profits are down, but operating profits have increased.
Turkish Airlines, NEWS, Aviation

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Turkish Airlines reported its latest consolidated financial results to Istanbul Stock Exchange on Monday, with approximately US$372 million being declared in net profit for 2009, marking a 51% decrease from 2008 figures.

On a positive note, the national carrier's operating profit had increased by 12%, reaching around $553.7 million, while sales revenue increased by 15% to $4.6 billion.

"In light of the global financial crisis, which reached its peak in 2009, the sector as a whole witnessed a reduction in capacity. However, Turkish Airlines continued to enjoy operational and financial growth – a path we plan to continue on," stated a spokesperson.

KEY POINTS FROM TURKISH AIRLINES RESULTS

  • Approximately 79% of scheduled service revenue was obtained from international lines, and 21% from domestic lines.
  • By the end of 2009, the number of aircraft in the Turkish Airlines fleet increased by 4%, reaching 132 aircraft, compared to 127 at the beginning of the year.
  • Parallel to the 22% increase in Available Seat Kilometer (ASK), the number of passengers increased by 11% to 25,099,000, and cargo and mail carried increased by 20% to 238,000.
  • As a result of this capacity increase, passenger load factor declined by 3.1 percentage points from the previous year, to 70.9%.

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