Turkish Airlines Q1 Profit Down 24 Percent

Turkish Airlines, the country's state-run carrier, said Friday first-quarter net profit fell 24 percent to TRY155 million lira (USD$99 million).

Sales rose 18 percent to TRY1.279 billion, the company said in a statement.

Decreasing fuel prices had a positive effect on fuel expenses, whose share of total expenses declined to 22 percent from 32 percent, the company said in a statement.

Turkish Airlines posted a net profit of TRY203.55 million in the first quarter of 2008, it said in a statement. An airline spokesman said the profit figures published adhered to new disclosure rules set by the Istanbul Stock Exchange.

Turkish Airlines has expanded its fleet to 132 from 102 at the start of 2008 as it seeks to take market share from European rivals.

But all airlines face slower traffic. World airline traffic fell 12 percent in March alone amid an expected global recession.

The increased capacity has led to more empty seats. Despite lifting passenger numbers by 8.4 percent to 4.9 million people in the first quarter, its passenger load factor fell to 66 percent in March.