Turkish Airlines total revenue rose by 3 percent to TL 22.7 billion ($7.2 billion) in the first nine months of 2016, compared the same period of the previous year, according to data released by the company.

"The political and economic instability over operating environments, especially in Europe and the Middle East, and the increased perception of global and regional risks, had negative impacts on aviation demand and placed pressure on yields," a statement by the company read.

"Moreover, increased capacity led by low fuel prices and increased competition also affected ticket prices and total revenue. As a result, Turkish Airlines recorded a TL 444 million loss from its main operations in the first nine months of 2016," it added.

In the first nine months of 2016, Turkish Airlines realized a capacity growth of 14 percent in available seat kilometers, despite the competitive environment and the geopolitical instability affecting direct traffic into Turkey and Europe, the company said. "Thanks to having one of the largest networks in the world and the ability to reach secondary cities, Turkish Airlines could achieve active demand management," it added.

"During the period of January to September, international passenger revenue achieved exceeded the budgeted revenue. Despite the decrease in the number of point-to-point passengers, an 18 percent increase in the number of transit passengers contributed to this result. Furthermore, with increased service quality, Turkish Airlines scored TL 2.9 billion in cargo revenues with an increase of 11 percent year on year," said the company, adding that the total number of passengers reached 48.3 million with a 4 percent increase as of September this year.

Turkish Airlines operated 357,000 flights in the first nine months of 2016, in line with its long-term growth strategy, and reached an asset size of TL 55.7 billion with an increase of 17 percent, it said.

"In the first nine months of 2016, decreasing its unit cost by 7 percent, Turkish Airlines maintained a lower-cost structure compared to its peers. The cost-cutting initiatives had a significant contribution to this success," it said.