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30-Aug-2011 11:50 AM

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]

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