Istanbul: Turkish Airlines posted a $1.5 billion net profit in the third quarter of 2024, down 19.6% from the same period last year, it said Tuesday. Revenues of the national flag carrier rose 4.9% at an annualized pace to $6.6 billion in July-September.
According to Anadolu Agency, despite ongoing global geopolitical tensions, bottlenecks in aircraft production, and engine problems, Turkish Airlines continued its growth uninterruptedly thanks to its agility and extensive flight network, increasing passenger capacity by 5.4% in the third quarter of 2024. The airline carried 24.5 million passengers during the three-month period.
Passenger revenues, which accounted for 84% of the total, increased to $5.6 billion led by strong demand from the Far East region. Third-quarter cargo revenues enjoyed a 47% annual surge, reaching $911 million.
Due to competitive pressure on passenger unit revenues along with the negative impacts of the global inflationary environment and engine problems on costs, Profit from Main O
perations was recorded as $1.3 billion in the third quarter of 2024. EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) amounted to $2.3 billion, with the EBITDAR margin standing at 35.2%.
In the first nine months of this year, Turkish Airlines increased its number of aircraft by 9% to 467 despite bottlenecks in aircraft production.