Flag carrier posts $41M real operating loss, $61M net profit in January-March
Turkish Airlines reaped $1.8 billion total revenue in the first quarter of 2021, down 29% year-on-year amid pandemic-related travel restrictions around the world, the flag carrier announced on Tuesday.
“In this difficult time, Turkish Airlines managed to wrap up the first quarter of 2021 with $41 million real operating loss and $61 million net profit despite the effects of the crisis caused by COVID-19,” the company said in a written statement.
As for the cargo revenue, which is 46% of the total revenue, it posted a 77% increase compared to the same period in 2020.
In the January-March period that saw a 48% decrease in its passenger capacity, Turkish Airlines carried a total of 6.4 million passengers with 74% load factor at domestic flights and 61% load factor at international flights.
Commenting on the financial results, Turkish Airlines CEO Ilker Ayci said: “As the pandemic process continues with devastating effects on the global aviation industry, this performance can only be described as ‘coming through with flying colors’.”
This success, he underlined, is a result of the combination of the company’s national sense of duty, professional capability, and experience in crisis management.
“We will continue to work with the same selflessness in order to leave behind these dark days and continue to strengthen in the sky,” he said.
As of the end of April, Turkish Airlines owns a fleet of 362 aircraft, with 231 narrow-body and 106 wide-bodies, along with 25 cargo aircraft.
According to February 2021 data, Turkish Cargo became the fifth-biggest air cargo carrier in the world with record growth in the cargo market.
Turkish Cargo enlarged its flight network strength with a 33% capacity increase in the first quarter of 2021.