Turkish Airlines 2018 net profit surges to $752mn

Turkish Airlines posted a net profit of 4.05bn lira ($752mn) last year, surging from 639mn lira a year earlier, but it showed a loss of 38mn lira in the fourth quarter, the company said. In 2018 as a whole the company achieved sales of 62.85bn lira, jumping from 39.78bn lira in 2017, the company said in a statement to the Istanbul stock exchange.

Shares in Turkish Airlines (THY) rose 1.65% to 14.14 lira yesterday after the release of the results.

Deniz Invest analyst Selim Kunter said THY’s fourth-quarter net loss compared favourably to the 184mn net loss a year earlier thanks to a better operational performance. In both 2017 and 2018, the company registered most of its annual profit in the third quarter. We think that the developments regarding the transfer of THY’s operations to the new Istanbul Airport will continue to have a greater influence on share price performance in the short term, Kunter said. Istanbul’s new $12bn airport was declared open in October by President Tayyip Erdogan but its full operation has been delayed several times, most recently to April 7.

Source: Civil Aviation Authority