Turkish Airlines posts $836m net loss for 2020 despite freight boost

A strong rise in cargo revenues helped Turkish Airlines end 2020 with a profitable final quarter at an operating level, though the carrier still posted a net loss of $836m for the full-year. While the carrier’s passenger revenues slumped by two-thirds for the three months ended December 2020, to $876m, Turkish Airlines increased its cargo revenues almost four-fifths to reach $841m. This helped the carrier post an operating profit of $61m for Q4, though it slipped to a net loss of $50m for the same period. For the full-year, Turkish Airlines cargo revenues climbed 61%, to $2.7b, helping to counter a 66% fall in passenger revenues, to $3.8b. As a result Turkish Airlines revenues were down by just under half for 2020 at $6.7b. The improved cargo performance could not prevent the carrier posting an operating loss of $530m for the full year and a net loss of $836m. That compares with an operating profit of $585m and net profit of $788m in 2019. ”Cargo operations are continuing at full capacity with freighters and more than 10 widebody passenger aircraft are being utilised for cargo operations,” the airline says. <br/>