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04-05-23

Turkish Airlines Reports Strong Recovery in Q1 2023 Despite Earthquake Impacts

(MENAFN) Turkish Airlines announced a net profit of 4.4 billion liras (USD233 million) in the first quarter of 2023, led by a strong recovery in international demand, despite the adverse effects of the twin earthquakes that struck Turkey in February. This marked the airline's seventh consecutive quarter of posting a net profit after the air travel sector was hit hard in 2020, during the first wave of the COVID-19 pandemic.

The airline saw a record-high first-quarter revenue in the January-March period, reaching 82.1 billion liras (USD4.4 billion), up 43 percent year-on-year. Passenger revenue accounted for 84 percent of total revenue, rising by 83 percent to USD3.6 billion. Turkish Airlines also increased its fleet and workforce by 10 percent compared to last year.

Turkish Airlines carried over 17 million passengers in the three months to March, with a load factor of 80.1 percent on domestic routes and 81.4 percent on international routes. The airline's earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) totaled USD770 million, backed by strong revenue growth.

Despite the twin earthquakes that struck southern and southeastern Turkey in February, causing more than 50,000 deaths, Turkish Airlines provided aid and assistance to those affected. The airline evacuated 430,000 earthquake victims from Turkey's quake-hit southern region and delivered 29,000 tons of aid materials in February and March.

Currently, Turkish Airlines has 414 aircraft and flies to 343 destinations, including 290 international and 53 domestic destinations. The strong recovery in Q1 2023 is expected to have a positive impact on the airline's future growth and expansion plans.

In conclusion, Turkish Airlines reported a strong recovery in Q1 2023, posting a net profit of 4.4 billion liras (USD233 million) despite the impacts of twin earthquakes that struck Turkey in February. The airline saw a record-high revenue and passenger revenue, increased its fleet and workforce, and carried over 17 million passengers in the three months to March. Turkish Airlines also provided aid and assistance to those affected by the earthquakes. The airline's strong recovery is expected to have a positive impact on its future growth and expansion plans.

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