May 14, 2010

Profit at Turkish Airlines, Europe's fourth-biggest carrier, fell 23 percent in the first quarter as higher oil prices drove up costs.

Net income was TRY119.6 million lira (USD$79 million) in the first three months of the year, compared with TRY155 million in the same period of 2009, according to an income statement.

Sales rose 27 percent to TRY1.66 billion.

Operating profit, or earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR), fell to TRY187.14 million from TRY194.5 million in the same period last year.

Global crude prices jumped more than 70 percent year-on-year, raising costs at Istanbul-based Turkish Airlines.

A stronger dollar in the first quarter of 2010 likely boosted the value of the flag carrier's fleet, which is measured in dollars. But the euro's 5.4 percent decline against the dollar in the first quarter hit income.

(Reuters)

Source: http://news.airwise.com/story/view/1273881103.html