Turkish Airlines Is Larger and More Profitable Than it Was Pre-Pandemic

Pushing Back: Inside the Issue

It’s Turkey time. Not the bird, the country. Turkish Airlines and its low-cost rival Pegasus are giving thanks for an astounding set of summertime financial and operational achievements, earning monstrously large profit margins while growing capacity by double digits from their 2019 levels. In terms of passenger capacity, Turkish was 16 percent larger than it was pre-pandemic in the September quarter, and Pegasus grew by 17 percent. With Istanbul as a powerful hub, and Antalya one of the world’s busiest beach markets, Turkey is emerging as a superstar in the realm of aviation.

That was once the storyline of Dubai. The gleaming Gulf city remains a central stage for the industry, but its champion Emirates is a shrinking airline today, with just 80 percent of the flights it flew before the Covid crisis. Not so Ryanair, which continues to grow rapidly like Turkish and Pegasus. More importantly, like them, the Irish airline continues to earn spectacular profits. Give credit to Aegean Airlines too, which capitalized on booming summertime tourism to Greece.

Also last week, two of South America’s largest airlines reported results. Spirit Airlines is canceling routes. Norwegian startup Flyr is struggling to raise new capital. And Hong Kong’s Cathay Pacific has a new chief. This week: Airlines and others from the industry will gather in Dallas.   

Airline Weekly Lounge…