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Turkish Airlines profit rises to $169 million

Turkish Airlines 2010 consolidated financial statements were reported to Istanbul Stock Exchange with sales revenue increased by 39 percent to $5 billion.

Approximately 79 percent of the airline’s scheduled service revenue was obtained from international lines and 21 percent was from domestic lines. 9M 2010 net profit and operating profit stood at $169 million and $538 million respectively.

The airline’s Managing Director, Nigeria, Mr Orhan Guven, said that Revenue Passenger Kilometer (RPK) increased by 22.7 percent and Available Seat Kilometer (ASK) increased by 17 percent. The number of passengers increased by 18 percent to 22 million, cargo and mail carried increased by 41 percent to 228 thousands.

As a result, passenger load factor increased by 3.4 points from the previous year to 74.2 percent.
According to him, “with the new wide body aircraft, which were started to join our fleet in September, we will be able to increase the business class segment which will increase the revenue yields. In the mean time we will be able to increase our cargo network in the long haul as well as cargo revenue because of the wide body aircraft.

“2010 Financial and operational results, which are higher than our expectations, are a good indicator for us to achieve our 2011 growth target. Hence, we are eager to continue to apply our long term growth strategies without making any concession on our profits,’ he added.
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