Turkish sees Q2 net profit decline on new airport move, MAX grounding

Turkish Airlines reported a 2019 Q2 net income of US$26m, down 79.5% from a net profit of $127m in the year-ago period. Operating profit for the quarter dropped 96% to $10m from $267m in Q2 2018. The carrier primarily attributed the Q2 loss to decreasing domestic demand, the move to the new Istanbul airport, the Boeing 737 MAX fleet grounding, and Airbus A320neo delayed deliveries, which limited revenue growth. The carrier said revenue was slightly down 0.1% for the quarter to $3.2b from $3.17b year-over-year. The move to the new Istanbul Airport in the first weeks of Q2 caused numerous flight cancellations. Turkish Airlines chairman Ilker Ayci said, “Overall, we cut about 5,000 frequencies just in the month of April, which is travel-wise a busy month.” <br/>