Turkish Airlines 2008 net profit soars

Turkey's state-run Turkish Airlines said on Wednesday its 2008 consolidated net profit more than quadrupled as it boosted revenue from international flights.

Turkish Airlines 2008 net profit soars
Profit rose to 1.13 billion lira ($712 million) from 265.5 million lira in 2007, according to a filing with the Istanbul Stock Exchange. Fourth-quarter profit was 466 million lira.

Sales rose 26 percent to 6.12 billion last year. Revenue in the last quarter alone was 1.70 billion lira. Quarterly figures were calculated by deducting previously announced nine-month figures from the full year.

Seventy-eight percent of revenue in 2008 came from overseas flights, Turkish Airlines said.

Passengers increased 15 percent to 22.6 million people last year, while cargo grew 8 percent to 203,000 tonnes, it said. The carrier expanded its fleet to 127 planes from 102.

Turkish Airlines increased its operating profit even as fuel costs rose an average 44 percent annually, creating an additional expenditure of $441 million, it said.

Turkish Airlines released its earnings after the markets closed. Its shares closed 1.4 percent higher at 7.35 lira, while the main index .XU100 climbed 4.8 percent to a three-month high.

Turkish Airlines shares have risen 25 percent so far this year, compared with index's rise of 7 percent.


Güncelleme Tarihi: 09 Nisan 2009, 08:31