BGC Partners: THYAO 1Q19 – Worse
Turkish Airlines reported a net loss of TL1,253mn (vs. TL314mn net loss in 1Q18) in 1Q19, worse than market consensus of TL662mn net loss and BGC estimate of TL864mn net loss… Due to IFRS16 changes it is not easy to compare operational figures with consensus estimates as consensus figures were not taking IFRS16 impact into account. EBITDA (with positive impact of IFRS 16) came in at US$208mn in 1Q19 according to company’s calculation method, while the consensus figure for EBITDA was US$179mn excluding IFRS impact. Therefore, it seems that operational performance was slightly below expectations. Compared to our estimates, large miss on the bottom-line stems from: i) TL148mn of one-off loss from sale of fixed assets, ii) TL83mn loss from subsidiaries vs. our expectation of TL30mn net profit, iii) higher net financial expenses, iv) lower than expected unit revenues.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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