BGC Partners: THYAO 4Q18 Earnings Review... Operationally In-Line
Turkish Airlines reported a net loss of TL38mn (vs. TL184mn net loss in 4Q17) in 4Q18, worse than market consensus of TL162mn net profit and BGC estimate of TL235mn net profit… The company reported an EBITDA of TL1,571mn (+49% YoY) in 4Q18, in line with market consensus of TL1,636mn and our expectation of TL1,546mn. The deviation of the bottom-line from our expectations was due to a net loss of TL622mn from the sale of financial investments, while the company had recorded a gain of TL634mn on this line in 3Q18. The company posted an EBITDAR of TL2,366mn (+48% YoY) in 4Q18. On a cumulative basis, net profit and EBITDA reached TL4,045mn (+533YoY) and TL11,400mn (+72% YoY) in 2018, respectively. We expect the earnings announcement to have neutral impact on the stock performance.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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