Turkish Airlines posts 9-month $463 million net loss

Istanbul-based Turkish Airlines reported a nine-month 2016 net loss of $463m, reversed from a net profit of $877m in the year-ago period. According to the report, revenues for the nine-month period decreased 6.1% to $7.6b; operating loss for the period was $154m, reversed from an operating profit of $894m last time. The Turkish flag carrier said political and economic instability (especially in Europe and Middle East)—as well as the increased perception of global and regional risks—had a negative impact on aviation demand and placed pressure on yields. Moreover, increased capacity, led by low fuel prices and increased competition, also affected ticket prices and total revenue. The report also stated passenger and cargo revenue in all networks—except to America and Africa—dropped in all markets, including domestic routes. During the nine-month period, the carrier transported 48.3m passengers, up 4%, on 357,000 flights. ASKs increased 14%; RPKs were up 8.2% and load factor was down to 74.5% from 79% in the year-ago period.<br/>