Turkish Airlines reports revenue up, sharp profit decline as fuel costs rise 84% in 2011

Turkish Airlines revenue up 40% - financial highlights for 12 months ended 31-Dec-2011:

• Sales revenue: TRY11,815 million (EUR5066 million), +40% year-on-year;
  • Passenger: TRY10,259 million (EUR4399 million), stable;
  • Cargo: TRY966.1 million (EUR414.3 million), +54%;
• Cost of sales: TRY9788 million (EUR4197 million), +47%;
  • Fuel: TRY3984 million (EUR1708 million), +84%;
  • Labour: TRY1641 million (EUR703.6 million), +26%;
• Operating profit: TRY101.1 million (EUR43.3 million), -79%;
• Net profit: TRY18.5 million (EUR7.9 million), -94%;
• Total assets: TRY16,405 million (EUR7034 million), +54%;
• Cash and cash equivalents: TRY1550 million (EUR664.4 million), +90%;
• Total liabilities: TRY11,906 million (EUR5105 million), +73%. [more - original PR]

*Based on the average conversion rate at EUR1 = TRY2.3321 for the period