The company announced a profit of 6 billion 931 million TL in the same period of 2024.
Turkish Airlines completed 2024 with a net profit of 113.3 billion TL.
THY's sales in the first quarter of 2025 were realized as 176 billion 712 million TL.
In the first quarter of last year, the company's sales were 147 billion 238 million TL.
National carrier of Turkiye, Turkish Airlines (THY) has reported a net loss of approximately $47 million in the first quarter of 2025, reversing a profit from the same period last year.
The carrier disclosed its financial results for the period from January 1 to March 31 in a filing with the Public Disclosure Platform. The loss amounted to 1.8 billion Turkish lira, compared to a profit of 6.9 billion lira in the first quarter of 2024.
Worth mentioning here, for the full year of 2024, Turkish Airlines had reported a net profit of 113.3 billion lira, or about $2.95 billion.
Revenue for the first quarter of 2025 reached 176.7 billion lira, or approximately $4.6 billion, reflecting a 20 percent increase from 147.2 billion lira, or around $3.83 billion, in the same quarter last year.
The company also reported total equity of 717.3 billion lira, equivalent to roughly $18.7 billion. The figures are based on an exchange rate of 38.44 lira to 1 US dollar as of April 29.
After the balance sheet was announced, THYAO shares fell by nearly 3%, pulling the index back by 21 points.The main reason for the decline in margins was personnel expenses, which increased by 44.6% in dollar terms compared to the same quarter of the previous year.
The company's personnel expenses increased from $1.0 billion to $1.35 billion. The $319 million (12.1 billion TL according to the current exchange rate) increase in personnel costs had a direct impact on the company's margins.
The fact that financial expenses increased by 36.3 percent to 16 billion 165 million TL in this period was effective in the company's loss declaration.
Fuel expenses constitute approximately 30% of the company's main expense breakdown. A decrease of nearly 20% in oil prices on an annual basis may cause us to observe an increase in the company's margins.
On the other hand, the depreciation of the dollar after the Trump tariffs and the euro being a rising currency are also positive for the company. While 38.3% of the company's revenues are in dollars, 47.3% of its expenses are in dollars.
A strong foreign exchange balance can have a clear impact on the company's margins. As a disadvantage, there may be a contraction in cargo revenues after the tariffs.
THY's total debt was recorded as 817 billion 510 million TL at the end of March, an increase of 13.6 percent compared to the end of 2024, while equity capital was 717 billion 436 million TL.
The company's current levels are being followed by investors as critical levels. The 304.75 TL level, which the company tested 4 times during the year, is the main support level.
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