Turkish Airlines lifts Q3 profits by one quarter

Turkish Airlines’ profits climbed by around one quarter for the three months ended 30 September as improving passenger revenues outweighed a drop in cargo turnover during the period. The Star Alliance carrier’s total revenues increased 4%, to $6.3b, in Q3. That was driven by a nearly 9% rise in passenger revenues to $5.5b, carrying 25.2m passengers in the quarter, almost one-tenth more than the same period last year. Cargo revenues, which were a major contributor to the airline’s strong performance during the pandemic, slipped 30% in Q3, to $618m, against the backdrop of a weaker market for air freight. The improved revenue helped the Turkish carrier lift operating profit 10% to $1.6b, EBIT by 25% to $1.9b, and net profit by 27% to $1.9b for the period. It continues the strong run of profitability Turkish Airlines has enjoyed since the pandemic and takes operating profit to $2.4b and net profit to almost $2.8b over the first nine months of the year.<br/>