Page 88 - TURKRptOct19

Turkish Airlines files awaited downward revision in 2019 targets. Turkish Airlines (THYAO) has cut its revenue target for 2019 to $13.4bn and its passenger target to 76mn, Turkey’s national flag carrier said on September 4 in a stock exchange filing.
The passenger target is made up of 31mn domestic and 45mn international passengers. The airline is also aiming for an EBITDAR (earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs) margin of 22-23% in 2019.
In January, the company said it was for 2019 targeting more than $14bn in revenues from serving 80mn passengers, with the passenger target comprised of 33mn domestic and 47mn international passengers.
The consolidated EBITDAR margin target was set at 22-24%.
The flagship carrier increased its total passenger volume by 10% y/y to 75mn in 2018.
Poor passenger traffic in August. Weakness in the domestic passenger tally drove the decline, nosediving nearly 11% y/y. The airline hosted 2.8mn domestic passengers versus 3.2mn a year ago. The available seat kilometre (ASK) indicator (the number of seats available multiplied by the number of kilometres flown) for domestic routes dropped 9.8% y/y to 2bn.
On a brighter note, Turkish Airlines said its August number of international passengers rose 4.6% y/y to 4.6mn.
88 TURKEY Country Report October 2019 www.intellinews.com