Page 70 - TURKRptFeb20

In January, it said It targets $15bn revenue and 78-80mn passengers in 2020. It plans to serve up to 33mn domestic passengers after its. The flag carrier’s international passenger target for 2020 is 46-47mn versus the 44mn it flew 2019.
THY forecast consolidated sales revenue of $14.5-14.8bn for 2020.
Its load factor target for 2020 is 81-82%, following the achievement of 81.6% in 2019.
The company expects an increase of 8-9% in fuel consumption and forecast fuel costs at around $700/tonne.
The carrier’s cargo unit is expected to handle 1.6-1.65mn tonnes of deliveries, up 8% from 2019.
As of end-2019, the airline had a 350-strong fleet and served 318 destinations, up from 306 routes a year earlier.
A number of factors hit the carrier’s domestic operations in 2019. It has, for instance, been keeping 24 Boeing 737 MAX jets on the ground since April, forcing it to reduce the number of domestic flights. Perhaps a bigger factor was the poor economic situation in Turkey.
Ataturk Airport in Istanbul was totally closed to commercial air traffic after Istanbul Airport, the new mega airport that now serves as Turkish Airlines’ main hub of operations, became properly operational in April. The authorities recently imposed flight number restrictions at Sabiha Gokcen, Istanbul’s second largest airport. The measure is likely to force more travellers to use Istanbul Airport and boost demand for THY this year.
BlackRock’s Turkish Airlines stake has been moving above and below the 5% level for a while.
Shareholders that have a higher-than-5% stake in a Borsa Istanbul-listed company are obliged to inform the public disclosure platform (KAP) as regards their transactions in company shares, according to local regulations.
On July 26, 2019, New York-headquartered BlackRock, one of the world’s largest asset managers with about $7 trillion in assets under management, increased its stake in Turkish Airlines to 5.06% from 4.96%.
On August 23, the US-based investment giant’s stake declined to 4.96% from 5.24%.
70 TURKEY Country Report OUTLOOK 2020 www.intellinews.com