Turkish Airlines’ profits slipped amid higher costs in the third quarter, a period in which strong cargo growth helped offset flat passenger revenue.
The Star Alliance carrier boosted revenue 5% year on year to $6.63 billion in the three months ending 30 September 2024.
Notably, while passenger revenue was virtually flat at $5.55 billion versus the same quarter last year, cargo sales jumped 47% year on year to $911 million. The latter growth was driven by strong demand from the Far East.
Operating costs over the same period rose 14% year on year to $5.42 billion, including a 54% year-on-year increase personnel costs. The carrier also flags the cost impact of the continued groundings of a portion of its Pratt & Whitney GTF-powered Airbus narrowbody fleet
As a result, the carrier’s profit from main operations fell 22% to $1.35 billion in the third quarter, while net profit was down a fifth at $1.54 billion.
The growing role of cargo amid heightened cost pressures continues a trend already evident in the second quarter. While Turkish Airlines’ freight revenue for the first nine months of 2024 was up 40% year on year, its passenger turnover increased only 3% year on year during the nine-month period.
Source link
Turkish Airlines’ profits slipped amid higher costs in the third quarter, a period in which strong cargo growth helped offset flat passenger revenue.
The Star Alliance carrier boosted revenue 5% year on year to $6.63 billion in the three months ending 30 September 2024.
Notably, while passenger revenue was virtually flat at $5.55 billion versus the same quarter last year, cargo sales jumped 47% year on year to $911 million. The latter growth was driven by strong demand from the Far East.
Operating costs over the same period rose 14% year on year to $5.42 billion, including a 54% year-on-year increase personnel costs. The carrier also flags the cost impact of the continued groundings of a portion of its Pratt & Whitney GTF-powered Airbus narrowbody fleet
As a result, the carrier’s profit from main operations fell 22% to $1.35 billion in the third quarter, while net profit was down a fifth at $1.54 billion.
The growing role of cargo amid heightened cost pressures continues a trend already evident in the second quarter. While Turkish Airlines’ freight revenue for the first nine months of 2024 was up 40% year on year, its passenger turnover increased only 3% year on year during the nine-month period.
Source link
Share This:
admin
Plan the perfect NYC Memorial Day weekend
Pack only what you need and avoid overpacking to streamline the check-in and security screening…
LA’s worst traffic areas and how to avoid them
Consider using alternative routes, such as Sepulveda Boulevard, which runs parallel to the 405 in…
NATO nations endorse plan to boost defence-related spending to 5% of GDP | News
NATO has set out a planned near-term increase to defence spending by its member nations,…
All Tanzanian carriers blacklisted six months after EU ban on Air Tanzania
All airlines from Tanzania as well as Suriname have been blacklisted by the European Commission,…
German A400Ms to get tactical boost with DIRCM installation | News
Germany is to equip an operational subset of its Airbus Defence & Space A400M tactical…
Wizz negotiating for spare engines and shop visits in A321neo powerplant tender
Central European budget carrier Wizz Air is holding crucial discussions on contingency and maintenance for…
New design service to manage most extensive overhaul of UK airspace
Proposals for the largest shake-up of UK airspace in its history are set to be…
New defence review highlights UK’s ambition, but lacks procurement detail | News
The UK government has published its eagerly-awaited Strategic Defence Review (SDR), with the 140-page document…
Design service UKADS to replace ‘unworkable’ airspace modernisation model
Creation of the UK Airspace Design Service to oversee modernisation of the country’s airspace structure…
Turkish directorate cracks down on passengers who prematurely unfasten seatbelts
Turkish aviation regulators are instructing carriers to inform passengers that they face possible fines if…
Geneva capacity restriction lifted after software update to halt radar display glitch
Switzerland’s air navigation service, Skyguide, has lifted a capacity restriction at Geneva airport imposed after…
Russia’s Smartavia changes leadership again
Russian carrier Smartavia has again changed its chief executive, naming Andrei Vinichenko to the post.…