Turkish Airlines reports second-quarter operating profit as cargo revenue soars

Soaring cargo revenue helped Turkish Airlines record an operating profit at group level for Q2 this year, amid signs that passenger traffic will soon begin a sustained recovery. Reporting its results for the April-June 2021 period on 10 August, the Star Alliance carrier said higher cargo income of $941m significantly compensated for depressed passenger revenue, which came in at $1.16b. Pre-crisis in 2019, cargo only accounted for $393m of the airline’s second-quarter revenue, versus passenger income of $2.7b. ”The group foresees positive cash flows and high unit revenues for cargo operations will continue in 2021,” Turkish Airlines says, noting that its cargo unit was serving 96 destinations with 26 freighters on 30 June this year, alongside 242 further destinations with its 346 passenger aircraft. Passenger capacity measured in available seat kilometres meanwhile hit 56% of pre-crisis levels during the second quarter – 62% on domestic routes and 55% on international services – and is expected to reach 75-80% of pre-crisis levels in the current quarter. “The group predicts passenger operations will be affected positively from the widespread use of Covid-19 vaccinations for the second half of 2021 and beyond,” Turkish Airlines states.<br/>