Turkish Airlines profit falls despite revenue rising 8%

Turkish Airlines/X

Revenue at Turkish Airlines rose 8 percent year on year in the first nine months of 2024 to $17 billion, driven by increased passenger numbers.

The airline flew 65 million passengers from January to September, rising 2 percent annually, according to its latest investor presentation.

Passenger revenue climbed 3 percent year on year to $14 billion, while cargo revenue soared 40 percent annually to $2.5 billion on growing demand from the Far East.

However, net profit fell 3 percent year on year to $2.7 billion in the nine-month period.

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In the third quarter, revenue climbed 5 percent annually to $6.6 billion, while net income fell 20 percent year on year to $1.5 billion.

Fuel expenses rose 5 percent year on year in the first nine months, but dropped 2 percent in the third quarter.

Turkish Airlines connects to 296 destinations in 130 countries. Its fleet consists of 467 aircraft, with Airbus and Boeing split at 56 percent and 44 percent, respectively.