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Feb 19 2019

Turkish Airlines lost $1.5 billion in 2018

Turkish Airlines suffered losses totalling 8.1 billion liras ($ 1.5 billion) during 2018, despite increasing its value endorsement by 47.7 percent, Turkish Para Medya news site reported.

The national airline carrier, which closed the 2017 year with 39.7 billion liras  ($ 7.5 billion) in sales and 639 million lira  ($ 120 million) in profit, increased it endorsement to 58.7 billion liras  ($ 11 billion) in 2018, however, incurred losses of 8.1 billion liras, the website said, citing the company’s 2018 year end statement of income as submitted to the country's Public Disclosure Platform (KAP).

The figures follow reports last week that the airline is preparing to acquire shares from the new Istanbul Airport, which saw the company’s stock fall.

Turkish Airlines have suffered stocks have suffered a 9.31 percent loss over the past week, Para Medya said.

The airline has denied the reports stating that the ‘’news does not reflect the reality and there is no evaluation or a decision made by the Board of Directors regarding a stake acquisition from İstanbul Airport. In order to continue our operations in a smooth way, Incorporation has focused on the transition to Istanbul Airport and investments in the fleet growth’’