Turkish Airlines made one billion Turkish Lira in net profit ($350 million) in the first half of 2015 on a revenue of 12 billion Turkish Lira, an increase of 9.2 per cent, according to the airline, on its 2014 results during the same period.
The airline has claimed an operating profit of 524 million Turkish Lira, which it says is, “outperforming the first half of 2014 by 68 per cent”. In the first half of 2015, Turkish Airlines also realised a capacity increase of 10.1 per cent. Turkish Airlines now operates 290 aircraft comprising 69 wide body, 212 narrow body and 9 cargo aircraft together with 23 aircraft additions in 2015.
The airline says: “In the first six months of 2015, a period with severe fuel price and currency fluctuations, Turkish Airlines grew its net profit by six fold compared to the same period of 2014 with the help of its diversified debt structure and dynamic risk management strategies.”
Earlier this month Turkish Airlines and LOT Polish Airlines announced that they had signed a letter of understanding to implement a strategic partnership. Turkish Airlines and LOT have been code sharing on each other’s flights on the route Istanbul-Warsaw since October 2000. They already operate five weekly flights on the Istanbul-Warsaw service.
Now, the airlines have agreed to proceed towards future joint venture cooperation. “This strategic partnership between our airlines will enable both carriers to enhance their presence on their respective markets, while contributing their efficiency on the routes agreed within the scope of extended cooperation. Considering their membership to the same alliance group, one can say that such a strategic partnership will also benefit Star Alliance,” says Turkish Airlines chief executive officer, Temel Kotil.