Turkish Airlines has announced its Consolidated Financial Results for the  9M 2008 period. According to its financials, THY was able to achieve 278% increase on Net Profit of  $548 mn. Although, fuel price increased by 65% in average, Operating Profit increased by 30% to $563 mn, net operating profit increased by 29% to $401 mn.

Consolidated Financial Results for the 9M 2008[1]
- Net Profit  $548 mn  (+278%) 
- Profit Before Tax $684 mn  (+236%)
- Operating  Revenue  $3.622 mn (+36%)
- Assets $5.341 bn (+26%)
- Passenger carried 16.9 mn (+14%)

Operating revenue increased by 36% to $3.622 mn; 75% of  scheduled revenue  was from international traffic and 25% was from domestic traffic.  In the operating costs, fuel cost’s portion is increased by 9 points from pervious year to 36%. 

Parallel to revenue increase, traffic results also increased compared with previous year. Accordingly, number of passenger carried increased by 14% to 17 mn, cargo-mail increased by 11% to 149 thousands tons.  Available Seat Km (ASK) and Revenue Per Km (RPK) increased by 10% and 13% respectively, which increased the L/F by 1.7 points to 74.7%

Although recent fuel price decrease built morale in the airline sector,  since the weaking demand due to the global economic slowdown is the real reason behind the decrease,it can be pointed as the negative factor for the industry. Nevertheless,   Turkish Airlines will continue to grow and our accomplishment during this period encouraged us to look positive for the rest of 2008.