Pegasus reports USD27m operating loss in 'challenging' 2Q2016

Pegasus Airlines revenue down 4% - financial highlights for three months ended 30-Jun-2016:

• Revenue: TRY797.7 million (USD275.3 million), -4.3% year-on-year;
• Costs: TRY910.3 million (USD314.2 million), +7.9%;
• • Fuel: TRY230.2 million (USD79.4 million), -22.0%;
  • Labour: TRY159.1 million (USD54.9 million), +46.5%;
• Operating profit (loss): (TRY79.5 million) (USD27.4 million), compared to a loss of TRY37.1 million (USD million) in p-c-p;
• Net profit (loss): (TRY12.4 million) (USD4.3 million), compared to a profit of TRY38.5 million (USD million) in p-c-p;
• Passenger numbers: 5.6 million, +4.0%;
• Load factor: 77.0%, -1.0 ppt;
• Yield: TRY100.1, -13.5%;
• Average stage length: 982 km, -1%;
• Total assets: TRY3967 million (USD1359 million);
• Cash and cash equivalents: TRY427 million (USD146.2 million);
• Total liabilities: TRY2671 million (USD914.8 million). [more - original PR]

*Based on the average conversion rate at TRY1 = USD0.345160

Pegasus Airlines: "Despite the challenging conditions the tourism sector has experienced in 2016 we at Pegasus never wavered from our growth targets or the belief in our country, working harder than ever to ensure that, despite the fall in demand on some of our routes, we achieved robust growth in our key target areas including for overall guest numbers, number of flights and turnover. Our results are even more significant given the backdrop of the issues our sector has faced in the first half of the year," Mehmet Nane, CEO. Source: Company statement, 18-Aug-2016.