Turkish Airlines' operating loss widens as fuel costs rise 54% in 1H2011

Turkish Airlines revenue up 20% - financial highlights for the six months ended 30-Jun-2011:

• Operating revenue: EUR2235 million, +20% year-on-year;
  • Cargo: EUR198 million, +37%;
  • Turkish Technik: EUR187.7 million, n/a;
  • Sun Express: EUR263.4 million, n/a;
• Operating costs: EUR2370 million, +32%;
  • Fuel: EUR773 million, +54%;
  • Labour: EUR494 million, +22%;
• Operating profit (loss): (EUR135 million), compared to a profit of EUR60 million in p-c-p;
• EBITDA: EUR15 million, -91.2%;
• Net profit (loss): (EUR248 million), compared to a profit of EUR115 million in p-c-p;
• Passenger numbers: +10.3%;
  • Domestic: 6.7 million, +5%;
  • International: 8.0 million, +15%;
• Load factor: 69.5%, -2.7 ppts;
• Cost per ASK: EUR 6.32 cents, +7%;
• Cost per Ask excl fuel: EUR 4.26 cents, stable;
• Total assets: EUR5713 million, +9.9% when compared to period ended 31-Dec-2010;
• Cash and cash equivalents: EUR311 million, -21.7% when compared to period ended 31-Dec-2010;
• Total liabilities: EUR4342 million, +28.9% when compared to period ended 31-Dec-2010. [more]