WOOD Flash – Turkish Airlines: 1Q21 – good start to the year, cargo and higher ticket sales help reduce cash burn
Turkish Airlines (THYAO) had a remarkably good first quarter, considering the difficult external backdrop. Its wide network and lean cost structure position it advantageously against the competition and, for a good part of the beginning of the year, Turkish Airlines was the most active airline in Europe by number of flights. The strong pricing in the cargo operations (yields some 70% above the pre-pandemic level), as well as the continued allocation of resources into this segment, remains a major positive contributor to the results. Management estimates that the cash burn stood at a mere USD 50m during 1Q21, far less than the guided level of USD 60-90m per month.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.
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