Turkish Airlines earns record profit in first quarter of 2023

Turkish Airlines earns record profit in the first quarter of 2023

Turkish Airlines survived the first quarter of 2023, which was marked by devastating earthquakes centered on Kahramanmaras, one of the worst natural disasters in Turkish history. Thanks to its 90 years of experience and effective crisis management, Turkish Airlines recorded a net profit for the seventh consecutive quarter, despite the negative circumstances that have prevailed in the industry since 2020, when the pandemic began.

In the first quarter, the airline reached its highest ever figure of $4.4 billion, up 43% year-over-year. Passenger revenues, accounting for 84% of total revenue, grew by 83% to over $3.6 billion.

With one of the youngest and most modern fleets of 411 aircraft, Turkish Airlines has increased the size of its fleet and headcount by 10% over the same period last year. In the first quarter of 2023, the airline carried a total of over 17 million passengers with a domestic load factor of 80.1% and 81.4% on international routes.

Turkish Airlines has become one of the few airlines in the industry that has managed to exceed 2019 passenger traffic by 26%. For the past three years, the airline has led Europe in terms of the number of daily flights, and Istanbul Airport became the busiest airport on the continent in the first quarter.

As Turkey's flag carrier, Turkish Airlines quickly responded to the devastating earthquakes centered in Kahramanmaras . In February and May, the airline evacuated 430,000 citizens, transported 433,000 people along with search and rescue teams, and sent more than 29,000 tons of humanitarian materials to disaster areas. The airline also donated 2 billion Turkish lira in cash assistance to the Disaster and Emergency Management Department of the Ministry of the Interior. In addition, Turkish Airlines pledged to support the construction of 1,000 houses and hire 1,000 employees from 1,000 earthquake-affected families.

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