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Turkish Airlines suffers biggest Q1 loss of US$422 million as traffic slumps
TURKEY'S national airline has posted the biggest loss since 1999 in the first quarter as geopolitical risks and security concerns pressured direct traffic into the country.
Turkish Airlines reported a loss of TRY1.24 billion (US$422 million) in the three months through March, compared with a net income of TRY373 million in the same period a year earlier, the company said in a statement to the Borsa Istanbul, Bloomberg reports.
The loss will be a blow to the carrier after it posted a record profit in 2015 amid a slump in oil prices that helped slash operating costs. War in neighbouring Iraq and Syria, renewed violence with Kurdish guerrillas at home, and terror attacks in Istanbul and Ankara are choking Turkey's tourism industry.
Foreign tourist arrivals dropped for eight straight months through March, the longest declining streak since at least 2006, according to government data.
Turkish Airlines reported a loss of TRY1.24 billion (US$422 million) in the three months through March, compared with a net income of TRY373 million in the same period a year earlier, the company said in a statement to the Borsa Istanbul, Bloomberg reports.
The loss will be a blow to the carrier after it posted a record profit in 2015 amid a slump in oil prices that helped slash operating costs. War in neighbouring Iraq and Syria, renewed violence with Kurdish guerrillas at home, and terror attacks in Istanbul and Ankara are choking Turkey's tourism industry.
Foreign tourist arrivals dropped for eight straight months through March, the longest declining streak since at least 2006, according to government data.
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