BGC Partners: THYAO 4Q19 Earnings Review: Better
Turkish Airlines reported a net profit of TL1,948mn (vs. TL38mn loss in 4Q18) in 4Q19, beating market consensus of TL1,021mn and BGC estimate of TL1,078mn… EBITDA came in at TL3,092mn (US$773mn, 130% YoY in US$ terms), vs. market consensus of TL2,932mn and BGC estimate of TL2,612mn. Main deviations from our expectations were: i) 2% higher RASK, ii) lower personnel expenses, iii) lower advertising expenses and iv) lower net financial expenses driven by a net FX gain of TL440mn in 4Q19. Note that, with IFRS-16, the company started to capitalize operational leases, but it continued to expense wet lease expenses.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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