Turkish Airlines Profit Soars on Higher Passenger Numbers

By Pierre Bertrand

Turkish Airlines reported a surge in profit and higher revenue for the fourth quarter after passenger numbers rose.

Turk Hava Yollari, as the Turkish flag carrier is formally known, on Wednesday posted a quarterly net profit of $3.23 billion, compared with $473 million a year prior.

The carrier handled 19.5 million passengers in the quarter, 8.5% more than in the fourth quarter of 2022.

Overall revenue climbed 7.3% to $5.12 billion. However, revenue at the airline's cargo business fell 3.3% to $787 million.

Expenses increased 17% to $4.87 billion. The group paid $1.69 billion for fuel in the quarter, 6.7% more than in the previous year. Airlines have been grappling for months with inflation-driven costs that mainly stem from higher salaries, but also air-traffic control charges and airport fees.

The carrier counted 440 aircraft in its fleet at the end of December, and is among a rare few that still operate direct flights to Russia after the invasion of Ukraine.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 03, 2024 12:54 ET (16:54 GMT)

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