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Turkish Airlines: Big profit to big loss

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Airline posts $77 million net loss for 2016
Turkish Airlines posted a net loss for 2016 that was bigger than expected, totalling $77 million, swung backwards from a profit of $1.7 billion for 2015.
The once fast-growing carrier reported a loss from main operations of $291 million, reversed from an $895 million profit in 2015. Revenue for 2016 was $9.8 billion, down 6.9% from $10.5 billion the previous year.
Turkish Airlines had previously forecast double-digit growth for 2016, but terrorist attacks in Turkey like the one at Istanbul Ataturk Airport in June, as well as last year’s attempted coup, seriously affected demand.
CEO Bilal Eksi told ATW that the airline expected to have losses, “but not so much because of what happened last year. In 2016, demand suddenly changed.”
The airline transported 62.8 million passengers during the year, up 2.5%, bringing a load factor of 74.6%, down 3%. ASKs grew 10.7%.
SunExpress, a joint venture between Lufthansa and Turkish Airlines, revealed a $26 million loss.
ATW

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