- Chidozie Uzoezie
Turkish Airlines Posts Record 2018 First Half Results
Turkish Airlines, which flies to more destinations than any other airline, has reported impressive results for the first half of 2018.
The airline increased revenue year-on-year by 30% in the period, to US$6bn. Net operating profit rose from US$17m to US$258m in the same period despite increasing fuel prices.
EBITDAR (earnings before interest, taxes, depreciation, amortization and rent), which is used as a cash generation indicator, stood at US$1.28 billion after a 38% increase, and the airline’s EBITDAR margin improved by 1.5% points to 21.5%. This value is the highest first half EBITDAR value that Turkish Airlines has ever achieved.
Total Load Factor climbed 4.3% points to 80.4%, another record for the first half, and the total number of passengers carried was up 18% to 35 million, along with healthy improvements in capacity and demand of 9% and 16% respectively.
Turkish Airlines, which operates flights to 304 destinations in 122 countries, added Freetown, Samarkand, Krasnodar and Moroni to its schedules during the first half of 2018.
International Air Transport Association (IATA) first five month figures show the global aviation sector realising capacity growth of only 6 percent and demand growth of only 7 percent.
Turkish Cargo also had impressive results, increasing the amount of cargo carried by 28 percent to approximately 600,000 tons and lifting cargo revenue by 35% to US$784 million.