Turkey's national flag carrier has established a new investment and freight company, Turkish Airlines (THY) announced yesterday.
"The corporation has decided to establish THY Uluslararası Yatırım ve Taşımacılık AŞ in order to invest abroad and domestically, principally in the fields of cargo and courier transportation and in the fields that is specified in the Articles of Association of the Company," the airline said in a statement to Turkey's Public Disclosure Platform (KAP).
The newly established company is wholly-owned by the incorporation of Turkish Airlines with the cash capital of TL 10 million ($1.63 million), according to the statement.
Turkish Airlines, founded in 1933, flies to more than 300 destinations in 121 countries across the world and enjoys the title of the airline that runs the broadest aviation network in the world on a country-basis.
The company's total revenues recorded a 30 percent surge compared to the same period last year and reached $6 billion thanks to significant increases in passenger and cargo revenues.
The company aims to reach $12.5 billion in sales revenues by the end of this year. The airline posted $258 million in net operating profits despite soaring oil prices. In the first half of 2017, the net operating profits of the company were recorded at $17 million.
Its cargo subsidiary Turkish Cargo also contributed to the airlines' success in the first half of the year. Cargo operations carried 660,000 tons of load with a 28 percent increase compared to the first half of last year. The revenues of Turkish Cargo increased by 35 percent and hit $784 million.