Turkish Airlines Q1 profit jumps on strong cargo and recovering demand

Turkish Airlines posted an improved profit for the first three months of 2022, driven by continued strong cargo performance and increased demand as Covid-19 travel restrictions eased. The Star Alliance carrier earned a first-quarter pre-tax profit of $120 million, improving on the $30m it made for the same period in 2021, the airline said on 28 April. Net profit climbed $100m, to $161m, for the three months ended 31 March. The profit reflects a sharp jump in Q1 revenue, which came in at $3b, up from $1.8b in the same period of 2021. The higher revenue came from greater activity in the passenger business – particularly in comparison with the first quarter of 2021, when travel was heavily impacted by border closures – with first-quarter passenger revenue more than doubling over the same period a year earlier, to just under $2b. Turkish Airlines’ total passenger capacity in the first quarter hit 91% of pre-crisis levels, with capacity on international routes at 93% of previous levels. It carried 69% as many passengers as in Q1 of 2019.<br/>