Turkish Airlines has greatly benefited from the Middle East war and the massive capacity reductions of the Gulf carriers. Transit traffic via the Istanbul hub was up by 10 percent in the first quarter, passenger traffic to Asia by even 19 percent, Turkish said on Thursday in its Q1 earnings call.
as Chairman of the Board since taking over from Ahmet Bolat, who left the airline earlier in April. Seker has been Chief Financial Officer, but this role is now held by Metin Gülsen. Both explained how the Middle East crisis has affected Turkish Airlines since February 28.
The carrier grew capacity by 9 percent and carried 21 million passengers, up 13 percent year-over-year. When hostilities commenced, Turkish reduced capacity and redeployed some to markets with higher demand. But with the Gulf carriers knocked out for most of March and operating at low capacity, Turkish Airlines and Istanbul Airport found themselves in the sweet spot.
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