Page 90 - TURKRptOct19

Following the realisation of the expectations of the downward revision, with Turkish Airlines’ announcement on September 4 after the market close, the carrier’s shares were up 3.39% d/d to TRY11.88 and Pegasus shares were down 3.32% d/d to TRY66.9 as of 16:30 local time on September 5, clearly due to profit realisation in the lately popular ‘Short Turkish Airlines – Buy Pegasus’ positions.
Pegasus shares were up 172% y/y while Turkish Airlines shares were down 32% y/y.
Borsa Istanbul’s benchmark BIST-100 index was over the 100,000 threshold while the USD/TRY rate was below 5.70.
Turkish Airlines (THY) has announced that its wholly owned subsidiary THY Uluslararası Yatırım has established a Hong-Kong based joint venture with ZTO Express and PAL Air.
“THY Uluslararasi Yatirim, ZTO and PAL will hold 45%, 45% and 10% stakes, respectively, in the JV, named We World Express Limited, which was established with the purpose of becoming a global door to door cargo/courier service provider which is focusing e-commerce market,” THY said in a filing with the Borsa Istanbul.
The carrier did not provide other details.
In a separate statement issued to the stock exchange, THY announced that it has decided to start scheduled flights, based on market conditions, to Xian, China.
Turkish Airlines currently has 343 aircraft, including passenger and cargo planes, and flies to 315 destinations worldwide in 126 countries.
Air Albania has reportedly launched flights to Italy with a Turkish Airlines aircraft as it has not been granted a license from the European Aviation Safety Agency (EASA), the Exit.al portal reported.
The Albanian air carrier was set up in 2018 as a joint venture between Turkish Airlines, which owns 49% of the company, locally owned MDN Investment that controls 41% and state-owned air controller Albcontrol, which owns a stake of 10%. Air Albania has so far operated flights only to Istanbul.
● TAV
TAV Havalimanları Holding, Turkey’s largest airport operator, operates Antalya, Ankara Esenboga, Izmir Adnan Menderes, Milas Bodrum and Gazipasa Alanya airports in Turkey as well as Tbilisi and Batumi airports in Georgia, Monastir and Enfidha-Hammamet airports in Tunisia and Skopje and
90 TURKEY Country Report October 2019 www.intellinews.com