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on the balance, according to two of Bloomberg’s sources.
Another airport firm Tav (TAVHL), a subsidiary of Aeroports de Paris, struck a deal that defers fees for two years while extending its contract for the same term.
TAV’s revenues plunged 60% in 2020 to €749mn. Ebitda dropped 92% to €23mn.
There was nearly zero traffic at all airports in Q2. Border openings started in June and a passenger rebound started in August.
In 2020, the company served only 27mn passengers, down 70% y/y. The number of international passengers that used the airports TAV operates plunged 77% to 12.7mn while domestic traffic was down 57% to 14.3mn passengers.
TAV also reported that its workforce shrank to 13,000 employees in 2020 from more than 15,000 in 2019.
The company operates five airports in Turkey, including the airports serving the capital Ankara and major tourist destination Izmir on the Aegean coast. Abroad it operates airports in Tbilisi and Batumi in Georgia, Monastir and Enfidha in Tunisia, Skopje and Ohrid in Northern Macedonia, Zagreb in Croatia and Madinah in Saudi Arabia.
Pegasus Airlines, Turkey’s leading low-cost carrier, reported a 59% y/y decline in January traffic to slightly more than 1mn passengers.
Available seat kilometres fell to 1.9bn from 3.6bn a year earlier.
Pegasus served only 700,000 domestic passengers. That marked a 51% y/y decline. The international passenger tally fell 69% y/y to 360,000.
8.2.3 Construction & Real estate corporate news
8.2.4 Retail corporate news
Brazilian cement firm Votorantim is to expand its Turkey operation by leasing three production plants in Ankara that belong to Polat Cimento.
Turkish hard discount chain A101 expanded its retail network to 10,150 stores in January from 10,001 at end-2020.
Another hard discount chain, BIM, (BIMAS) saw its store network reach 8,519 outlets in January from 7,430 in 2020.
Another hard discount chain, Sok (SOKM), reached 8,047 stores in January from 7,068 in 2020, 2,981 five years ago and 1,256 10 years ago.
The top three chains had a combined 26,843 stores, while a total of 150 supermarket chains—defined as retailers that have more than 10 stores—were active in the country with 38,287 stores altogether.
More upmarket Migros (MGROS) had 2,286 stores by January, discount chain Ekomini 2,113 and another player in the more upmarket segment, Carrefoursa (CARFA), 615.
8.2.5 Agriculture corporate news
Dubai-based investment fund Masterbaker bought an undisclosed stake in
45 TURKEY Country Report March 2021 www.intellinews.com