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Tue 11 Nov 2014 09:27 AM

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Turkish Airlines' Q3 net profit almost doubles

Positive results attributed to lower oil prices and a rise in passenger numbers

Turkish Airlines' Q3 net profit almost doubles

Turkish Airlines' third-quarter net profit almost doubled compared with the same period a year ago due to lower oil prices and a rise in passenger numbers.

The carrier reported a net profit of 1.37 billion lira ($607 million), up from 705.1 million lira a year earlier and above an average forecast of 1.16 billion lira in a Reuters poll of analysts.

Sales rose to 7.17 billion lira in the quarter, the company said in a statement with the Istanbul stock exchange on Monday. That was a 26 percent rise from a year earlier, and beat the poll forecast of 6.89 billion lira.

In the first nine months of the year, the airline's passenger numbers rose 14 percent to 41.4 million passengers, it said in an e-mailed statement.

The decline in global oil prices helped reduce the carrier's fuel costs. Oil prices have slumped by more than 20 percent over the past four months, to a four-year low near $85 a barrel on Nov. 5, due to slowing demand - particularly in China - and ample supplies.

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