CAPA > Aviation News > Turkish Airlines reports second consecutive decline in profits in 2010

Turkish Airlines revenue up 29% – financial* highlights for the 12 months ended 31-Dec-2010:

• Revenue: EUR4236 million, +29% year-on-year;
  • Sun Express: EUR167 million;
  • Air Bosnia: 16 million;
• Total operating costs: EUR4004 million, +37%;
  • Fuel: EUR1093 million, +54%;
  • Labour: EUR887 million, +35%;
• Operating profit: EUR232 million, -34.6%;
• EBITDA: EUR462 million, -19.1%;
• Net profit: EUR144 million, -44.6%;
• Total assets: EUR5197 million, +31.0%;
• Cash and cash equivalents: EUR397 million, -21.4%;
• Total liabilities: EUR3368 million, +42.0%;
• Passenger numbers, +15.9%;
  •  
    • Sun Express: 6.7 million;
  • Domestic: 13.6 million, +16%;
  • International: 15.5 million, +16%;
• Passenger load factor: 73.7%, +2.8 ppts;
  •  
    • Sun Express: 77.4%;
  • Domestic: 76.6%, +1.2 ppt;
  • International: 73.1%, +3.0 ppts;
• Revenue per ASK: +13%;
• Operating cost per ASK: EUR 6.15 cents, +19%;
• Operating cost per ASK excl fuel: EUR 4.47 cents, +15%. [more]

---

You may also be interested in the following articles...

• CAPA India Outlook 2012/13: Critical uncertainty prevails. Possible Air India shutdown
  23-May-2012

  Indian aviation is facing its most uncertain phase in more than a decade. After reporting an estimated record loss of just over USD2 billion[1] in the 12 months ended 31-Mar-2012, India’s airlines are facing an equally challenging year ahead. Weak balance sheets, increasing costs, regulatory uncertainty, a sluggish Indian economy and a difficult global environment will continue to pile the pressure on airlines, especially the poorer performing carriers. However, this may in turn create market opportunities to exploit for those that are better positioned. Some of the key highlights of the CAPA India Outlook 2012/13, to be released on 31-May-2012, include:

  - Indian domestic capacity growth of 7-8% in FY2012/13, traffic to grow 8-10%

  - India’s airlines expected to post a combined loss of USD1.3-1.4 billion

  - Jet Airways to prosper; major aircraft order expected

  - Kingfisher Airlines revival dependent on foreign airline investment

• Pegasus Airlines bets on liberalisation in Turkey’s international market with 100-aircraft order
  23-Apr-2012

  Turkish low-cost carrier Pegasus Airlines is placing a big bet that Turkey’s market will liberalise over the next decade, enabling the carrier to expand its fleet to between 100 and 140 aircraft. Pegasus currently operates 43 narrowbody aircraft and has been negotiating since last year with Airbus and Boeing an order for 100 A320neos or Boeing 737-800 MAX. Pegasus CEO Sertac Haybat said on the sidelines of last week’s CAPA Airlines in Transition CEO Summit in Istanbul that he expects the 100-aircraft order will be placed within one month and deliveries will be spread out over six to seven years.

  My Haybat expects the new aircraft will primarily be used to accelerate expansion of Pegasus’ international network, including to new destinations in the Indian subcontinent that are not within range of its fleet of current generation 737-800s. But he acknowledges international expansion will only be possible if bilaterals are liberalised.