The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Turkey’s national airline reported the biggest loss since at least 1999 in the first quarter as geopolitical risks and security concerns
pressured direct traffic into the country.
Turkish Airlines posted a loss of 1.24 billion liras ($422 million) in the three months through March, compared with a net income of 373 million liras in the same period a year earlier, the company said in a statement to the Borsa Istanbul.
This new posting has remarkably missed the average of 10 analyst estimates that were compiled by for a massive loss of 1.04 billion liras.
however, this loss will be a major blow to the leading carrier after it had posted a record profit in 2015 amid a slump in oil prices that helped in the slashing of the operating costs.
Besides, the ongoing wars in the neighbouring Iraq and Syria countries, renewed violence with Kurdish militants at home, and terror attacks in Istanbul and Ankara are badly choking the Turkey’s tourism industry and teh country’s potential to attract foreign tourists very significantly.
According to latest data, the foreign tourist arrivals in the country have significantly dropped for eight straight months through March, the longest declining streak since at least 2006, according to government data.
Shares of Turkish Airlines have dropped 9.1 percent this year, compared with a 10 percent gain in the Borsa Istanbul 100 Index.
Turkish Airlines is the national flag carrier airline of Turkey, headquartered at the Turkish Airlines General Management Building on the grounds of Ataturk Airport in Istanbul.
As of February 2015, it operates scheduled services to 280 destinations in Europe, Asia, Africa, and the Americas, making it the fourth-largest carrier in the world by number of destinations.Turkish Airlines is also the operator that flies to most countries.
With an operational fleet of ten cargo aircraft, the airline’s cargo division serves 52 destinations.
By the end of 2013, Turkish Airlines increased their number of flight points to 241 destinations worldwide (199 international and 42 domestic).