Turkish Airlines boosts first half profits on strong passenger returns

A strong Q2 helped Turkish Airlines post an operating profit of $786m for the first half of the year on a near doubling in revenues compared with the same period last year. The Star Alliance carrier lifted first half revenues to $7.59b from just under $4b in 2020. Notably that reflects a sharp recovery in its passenger business as Covid restrictions eased, jumping to $5.37b from $2.06b. Passenger revenues in the first six months of the year are 8% above pre-crisis levels in 2019. The airline carried just under 31m in the first half. While that is 12% below 2019 levels, the 18.2m it carried over the Q2 was on a par with 2019. The increase in passenger activity also boosted freight revenues, as Turkish Airlines doubled the amount of cargo flown on its passenger aircraft. Total cargo revenues rose to $2.04b in the first half from $1.77b. Cargo, together with the strong leisure and domestic market, has helped Turkish recover strongly from the Covid crisis. Overall first half revenues are 27% above pre-Covid levels, and cargo turnover is 155% higher than the same period in 2019. This helped Turkish Airlines lift first half operating profits from $146 million to $786mn, while it turned a net profit of $737m for the period. That compares to a $1m deficit in the first half of 2020.<br/>