Turkish Airlines lowers 2019 revenue guidance on declining demand

Turkish Airlines lowered its revenue guidance for 2019 in the face of decreasing demand and other factors that have hampered operations. The Istanbul-based carrier said Sept. 4 it now anticipates $13.4b in consolidated sales revenue for the year, down from January guidance of $14.1b. The airline expects to carry 76m passengers—31m domestic and 45m international—in 2019. Previous guidance forecast 80m passengers—33m and 47m international. In August, Turkish Airlines reported Q2 net income of $26m, down 79.5% from $127m in the year-ago period. The flag carrier attributed the profit decline to decreasing domestic demand, the move to the new Istanbul Airport, the Boeing 737 MAX grounding and delays in Airbus A320neo deliveries. The move to the new airport in the first weeks of Q2 caused numerous flight cancellations.<br/>