Turkish Airlines posts $2.7 billion profit in first 9 months

The flag carrier Turkish Airlines reported a net income of $2.7 billion for the first nine months of 2024, down 2.7 percent from the same period of last year.

Revenues of the carrier grew 7.8 percent year-on-year in the January-September period to $17.06 billion.

Passenger revenue increased by 2.8 percent annually to $13.97 billion, while the year-on-year increase in cargo revenue was nearly 41 percent to $2.55 billion.

Technic revenue totaled $404 million, a 7.7 percent increase from a year earlier.

The company's profit from main operations declined 25.2 percent year-on-year to $1.98 billion.

The net income margin dropped from 17.6 percent to 15.9 percent.

EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) was down 7.8 percent to $4.48 billion, with EBITDAR margin declining by 4.5 points to 26.3 percent.

Between January and September, Turkish Airlines carried a total of 65.1 million passengers, marking an annual increase of 1.8 percent.

In terms of available seat kilometers (ASK), the carrier's share in the global aviation sector was 2.3 percent as of September, while ranking number one in the world by international destinations as it flies to 296 destinations in 130 countries.

In the third quarter, the company's net income fell 19.6 percent year-on-year to $1.54 billion with revenues rising 4.9 percent to $6.63 billion.

Profit from main operations was down 22.5 percent annually to $1.35 billion.

Passenger revenue amounted to $5.55 billion against $5.53 billion a year ago, while cargo revenue surged 47 percent to $911 million in the July-September period.