November 11, 2010
Turkish Airlines posted a surprise third-quarter loss on Thursday, with analysts saying fleet revaluation and rising jet fuel costs might be to blame after sales met forecasts and passenger numbers rose.
Turkish Airlines posted a net loss of TRY22.7 million Turkish lira (USD$16.03 million), confounding forecasts for net profit of TRY231 million.
Sales amounted to TRY2.539 billion, in-line with forecasts and up 19.8 percent on the same period a year earlier.
The airline, Europe's fourth-largest carrier by passengers, said January to October passenger numbers were up 17.3 percent at 24.5 million.
Ahead of the results analysts had said higher jet fuel prices may pressure results. Another said in initial reaction to the surprise loss that fleet revaluation might have altered the picture. In August Turkish Airlines warned rising oil prices had lifted jet fuel costs by 64 percent.