Turkish Airlines recorded a 2017 first-quarter net loss of $373 million, narrowed from a net loss of $421 million for the year-ago quarter.
Operating revenue for the quarter was $2 billion, down 10% year-over-year (YOY) from $2.2 billion in the 2016 1Q. Expenses fell 11% to $2.2 billion, producing an operating loss of $209 million, narrowed from a $280 million operating loss in the year-ago period.
Fuel prices dipped 2.2% to $591 million for the 2017 first quarter.
The carrier said 22% of its revenue is generated from business-class passengers.
First-quarter traffic decreased 7.3% YOY to 26.9 billion RPKs on a 7.8% decrease in capacity to 36.3 billion ASKs, producing a load factor of 74.2%, up 0.5 point YOY. Passenger numbers were down 8% YOY to 13 million.
ATW understands the Star Alliance member still experience "challenging condition" in the tourism sector, following a series of terrorist bombings in Turkey last year, which depressed yields further because of decreased local demand.
As of March 31, Turkish had a fleet of 337 aircraft, comprised of 90 widebody, 234 narrowbody and 13 cargo aircraft. Deliveries of 170 aircraft are scheduled until 2023. Only one additional Boeing 777-300ER delivery is expected in the remaining year…
