Cargo Is Still The Highlight Of Turkish Airlines In 2020

- Mar 03, 2021-

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The strong growth in freight revenue helped Turkish Airlines achieve its last quarter profit at the end of 2020, although the Star Alliance airline still had a net loss of $836 million for the whole year.

In the three months to December 2020, Turkish Airlines' passenger revenue fell by two-thirds to $876 million, while its freight revenue increased by nearly four fifths to $841 million.

This helped the airline achieve an operating profit of $61 million in the fourth quarter, although its net loss fell to $50 million over the same period.

Throughout the year, Turkish Airlines' freight revenue increased by 61% to $2.7 billion, helping to make up for the 66% drop in passenger revenue to $3.8 billion. As a result, Turkish Airlines' revenue fell by nearly half to $6.7 billion in 2020.

Despite the improvement in freight performance, the company still had a full year operating loss of US $530 million and a net loss of US $836 million. In contrast, in 2019, the operating profit was $585 million and the net profit was $788 million.

"The cargo business is still operating at full capacity and more than 10 wide bodied airliners are being used in the cargo business," the airline said "Compared with the previous year, the freight business contributed significantly to the total revenue and profit, thanks to the increase in unit revenue and the decrease in operating costs caused by the fall in fuel prices."

Turkish Airlines' passenger traffic fell 62% to $28 million in 2020, as the pandemic disrupted air services. To some extent, the airline benefits from the active domestic market in Turkey, which accounted for about half of its total passengers last year, up 10 percentage points from 2019.

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