THY's assets exceed TL52B in first half of 2016

DAILY SABAH
ISTANBUL
Published 22.08.2016 00:00

The assets of Turkish Airlines (THY) reached TL 52.416 billion in the first half of 2016, increasing by 10 percent compared to the end of 2015.

According to THY's June 2016 financial results report published in the Public Disclosure Platform, THY's assets reached TL 52.416 billion in the first six months of 2016 increasing by 10.02 percent in comparison to the end of the previous year. This number was about TL 47.638 billion as of late 2015.

THY's net gross, on the other hand, increased by 9.8 percent in the first half of the year compared to the same period of the previous year, reaching up to TL 13.508 billion. The company announced a net loss of TL 1.894 billion in the first half of the year, whereas THY made TL 1.04 million in net profits during the same period of the previous year.

Suggesting that THY was able to compensate for losses thanks to an increase in the number of passengers flying directly to Turkey and THY's vast international network which supported an increase in the number of transfer passengers being flown to other cities, the report indicates that the number of passengers stayed at a lower level due to the negative developments in a period when the sector was increasing its capacity by 15 percent, causing occupancy rates to drop and put pressure on the average revenue per unit. Lower fuel prices in 2015 stayed low in 2016, enabling the sector to increase capacity levels in line with increasing competition in the sector which continues to affect the airline. Despite negative developments in the Middle East and Europe, international passenger rates increased by 6 percent in the first half of 2016.

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