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01-Sep-2011 2:50 AM

Turkish Airlines deeply in the red in the first half on exchange rate losses and fuel costs

Analysis

Turkish Airlines (THY) in 1H2011 had one of its worst half-year performances in the past decade. The airline sunk deeply into the red in the six months to 30-Jun-2011. THY, one of Europe's largest and fastest growing carriers, was hit by by a weakening local currency increasing foreign exchange losses, particularly on its majority-leased fleet, as well as the soaring price of fuel in 1H2011.

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