Earnings Report /

Turkish Airlines: 2Q21 bottom line worse than expected

  • Turkish Airlines posted US$62mn net loss in 2Q21, worse than our estimate of US$87mn net income.

  • The company recorded US$523mn EBITDA which was 9% above our expectation of US$479mn.

  • The company’s net debt decreased by 2% q/q to US$14.0bn, implying 8.2x Net Debt/EBITDA in 2Q compared to 10.4x in 1Q.

Aytunc Uz
Aytunc Uz

Equity Research Analyst

ATA Invest
11 August 2021
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