Turkish Airlines revenues increase, increasing expenses weigh down profit

Turkish Airlines’ total revenues climbed 9.6% year-on-year (YoY) in the first quarter 2024 to $4.8bn. While its passenger revenues were up 4.8% YoY to $3.8bn, its cargo revenues surged 27% to $750 million as demand for e-commerce increased throughout the financial period. Its net income was down slightly YoY to $226 million, marking a 3% decrease. Its profit from main operations was down 63.2% YoY to $42 million, while its total operational expenses were up 13.7% YoY to $4.8bn. Fuel expenses, which represent 32% of its total expenses, was up marginally by 4.1% to $1.5bn. Most notably, it reported that