Turkish Airlines 2008 Net Profit Soars

State-run Turkish Airlines, said on Wednesday its 2008 consolidated net profit more than quadrupled as it boosted revenue from international flights.

Profit rose to TRW1.13 billion lira (USD$712 million) from TRW265.5 million in 2007, according to a filing with the Istanbul Stock Exchange. Fourth-quarter profit was TRW466 million.

Sales rose 26 percent to TRW6.12 billion last year. Revenue in the last quarter alone was TRW1.70 billion. Quarterly figures were calculated by deducting previously announced nine-month figures from the full year.

Seventy-eight percent of revenue in 2008 came from overseas flights, Turkish Airlines said.

Passengers increased 15 percent to 22.6 million people last year, while cargo grew 8 percent to 203,000 tonnes, it said. The carrier expanded its fleet to 127 planes from 102.

Turkish Airlines increased its operating profit even as fuel costs rose an average 44 percent annually, creating an additional expenditure of USD$441 million, it said.

Turkish Airlines released its earnings after the markets closed. Its shares closed 1.4 percent higher at 7.35 lira, while the main index climbed 4.8 percent to a three-month high.