Nine Month Results for Pegasus Airlines Reveal Strong Recovery
Announcing the company's financial results for the first 9 months of 2017, Pegasus Airlines CEO Mehmet T. Nane said "We stated at the beginning of the year that we regard 2017 as a period of renewal, and expect the real growth to kick in from 2018 onwards. We are now reaping the fruits of the efficiency efforts we began in 2016."
Pegasus Airlines has announced its financial results for the first 9 months of 2017. According to the data revealed on the Public Disclosure Platform (KAP), turnover for the first 9 months of the year was TRY 4,162,118,008, up 46 per cent on the same period the previous year, while turnover for the third quarter rose 50 per cent year on year to TRY 2,052,853,486. Pegasus' asset size grew 30 per cent to TRY 7,281,455,074.
With an EBITDAR margin of 28.2 per cent for the first 9 months of the year and 44.1 per cent for the third quarter, and an EBITDAR (Earnings before interest, taxes, depreciation, amortization, and rent) of TRY 1,171,860,045 for the first 9 months and 906,027,180 for the third quarter, Pegasus recorded a net profit of TRY 492,162,067 for the first 9 months and TRY 538,471,544 for the third quarter.
Pegasus achieved 14.9 per cent growth in total guest numbers, comprising both domestic and international, in the first 9 months of the year, compared with the same period the previous year, providing its services to 20.78 million guests. It carried 12.46 million guests on routes within Turkey, a 9.1 per cent increase year-on-year, and 7.88 million guests on its international routes, a 22.7 per cent year-on-year increase. Increasing its ancillary revenue by 38 per cent in the first 9 months to achieve total ancillary revenue of TRY 845,285,659, Pegasus recorded ancillary revenue per passenger of TRY 40.7, an increase of 20 per cent.
Commenting on the announcement, Pegasus Airlines CEO Mehmet T. Nane said: "We stated at the beginning of the year that we regard 2017 as a period of renewal, and expect real growth to kick in from 2018 onwards. We worked really hard to achieve this growth, and will continue to do so. We are now reaping the fruits of the efficiency efforts we began in 2016. The figures prove that we are on the right path. Civil aviation in general is in much better condition, and has escaped the adverse effects of the past few years. We truly believe in the strength of Turkey's economy, civil aviation sector and tourism potential."
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