Pursuits
Turkish Air Has Worst Loss Since 1999 as Terror Hits Tourism
- Revenue down and planes flying more than a quarter empty
- Reversal follows record profit at fast-growing carrier in 2015
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Turkish Airlines posted a net loss of 1.24 billion liras ($421 million) in the first three months of 2016, its worst quarterly result since at least 1999, as revenue fell and planes operated below three-quarters full after months of terrorist attacks that have hit cities including Istanbul and Ankara.
The loss, which followed a year-earlier profit of 373 million liras, was wider than the 1.04 billion-lira shortfall predicted by analysts, according to the average of 10 estimates compiled by Bloomberg. Earnings were also hurt by a $306 million write-down of foreign currency debt.