Turkish Airlines 2009 Net Profit Down 50.7 Pct

Titlu: Turkish Airlines 2009 Net Profit Down 50.7 Pct
Sursa: http://news.airwise.com/story/view/1270554988.html
Autor: Reuters
Data: 06/04/2010

Citat :

Turkish Airlines, Europe's fourth-largest carrier, posted fourth-quarter net profit of TRY83 million lira (USD$54.75 million) after dollar weakness cut its fleet valuation, forcing up provisions.

Annual net profit fell to TRY559 million, down 50.7 percent from 2008's TRY1.134 billion as costs took their toll, whereas sales rose 15 percent to TRY7.036 billion from TRY6.123 billion.

Analysts at Oyak Securities said the disappointing figures were to a large extent due to an increase in provisions for the diminution of aircraft value.

The Turkish lira gained more than 3 percent against the US currency in the fourth quarter year-on-year, and the weaker dollar reduced the value of Turkish Airlines' fleet, forcing it to put aside more provisions.

"Overall, Turkish Airlines has been rapidly growing and markets have been respecting that for a long time," Oyak Securities said in a research note.

"Although we have strong confidence in the company's long-term growth prospects and its discount to its global peers, we believe that downside risks and upside risks are much more balanced now considering the cost pressures amid an aggressive fleet expansion programme," it added.

Turkish Airlines plans to expand by funnelling passenger flows between Europe and Asia though its Istanbul hub, competing with Middle East carriers such as Dubai's Emirates and Abu Dhabi-based Etihad.

The airline has ambitions to become Europe's number three and fly 30 million passengers in 2010, 20 percent more than a year earlier.