Turkish Airlines Q2 profit falls

Turkish Airlines has reported a its profit in the second quarter fell 26% to $591 million due to competitive pressure on passenger unit revenues and inflation. The airline said it saw a 7.7% passenger capacity increase for Q2, carrying 22.1 million customers despite industry-wide challenges including geopolitical tensions, supply chain complications and aircraft engines issues. While IATA data shows that most carriers hit pre-pandemic levels for passenger loads in Q2, Turkish Airlines carried 38% more customers than in 2019. The airline also revealed strong financial results with revenue rising 10% year-on-year to US$5.7 billion – driven by more passengers, particularly from the Far East, and cargo operations. Air cargo contributed to the airline’s growth in Q2, as companies looking to shift goods around the globe opted for air freight over shipping to avoid disruptions at the Suez Canal. Turkish Cargo, whose loads increased by 32% in H2 of 2024, became the world’s third-largest air cargo carrier, according to IATA. In this year’s opening half, Turkish Airlines expanded its fleet by 9% to 458 despite bottlenecks in aircraft production. The carrier aims to have 800 planes by 2033. For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Kay Rolland at [email protected]