Turkish Airlines Reports $929 Million Profit in Third Quarter

Turkish Airlines (THY) announced its financial results for the July-September period. The company posted a profit of $929 million in the quarter. Total revenues rose 19.3% year-on-year to $8.3 billion. Operational indicators also showed improvement. In the third quarter, passenger numbers increased 4.7% to 28.5 million. The load factor rose 1.5 points to 87.1%. Cargo revenues increased 45.6% to over $1.2 billion. On the cost side, pressures stood out. The company's jet fuel cost has risen 118% since the beginning of the year. The increase in costs exceeding revenue growth negatively affected operational profitability. Due to the war's impact on demand, THY revised downward its forecast of 10% passenger capacity growth for 2026. Capacity growth in the third quarter was 3.2%. Murat Şeker, Chairman of the Board and Executive Committee of THY, stated that the ability to increase passenger numbers and load factor in each month of the third quarter during a period when difficulties in the operating environment deepened demonstrates the strength of its flexible business model and operational capabilities. Şeker noted that resources are directed to priority investments with high value-creation potential. Not investment advice.