Turkish Airlines continues to walk the path of strong growth, reporting higher operating results for Q3 and the first nine months of 2023. The carrier sees no immediate slowing down of demand, so proceeds with the expansion strategy for the short and medium terms even as sourcing new aircraft will take longer.
In Q3, Turkish Airlines posted a net profit of $1.920 billion, up 26.7 percent over $1.515 billion in 2022. Profit from main operations grew by 23.3 percent to $1.736 billion from $1.408 billion. Without a one-off impact, the result would have been $300 million higher. The operating margin was 30.4 percent, up 5.4 percentage points.
Revenue growth was lower at just 4.2 percent to $6.321 billion, but yields took a deep plunge to just +1 percent caused by “strong base effects.” By comparison: revenue yields were up by 19 percent in Q1 and 12 percent in Q2. Compared to 2019, yields were up 23 percent in Q3 but again trailing Q1 (+30 percent) and Q2 (+25 percent).
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