BGC PARTNERS - TURKISH AIRLINES 4Q17 - WORSE
THYAO - WORSE: TL184mn NET LOSS in 4Q17 worse than mkt cons of TL304m while EBITDA of TL1.053mn was 26% lower. The deviation of the EBITDA and bottom-line seems to have resulted from i) bonus payments (1-month salary to every employee) to employees which was actually announced in Jan-18 and planned to be distributed in Feb-18 – we could not confirm this at this point, ii) higher than expected fuel costs, iii) higher than expected aircraft maintenance expenses. Exp negative reaction to the miss this mng.Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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