Turkish airline business makes record loss in 2020

Turkish Airlines (THY) and Pegasus Airlines reported record losses in 2020, business news website Patronlar Dünyası reported on Thursday.

Turkey’s airlines have suffered greatly in 2020, under months-long flight bans and closed borders as part of coronavirus restrictions.

The flagship Turkish Airlines (THY) reported a loss of 17.3 billion TL ($2.47 billion) in its 2020 temporary tax returns.

Meanwhile, budget operator Pegasus Airlines, which shared its income statement for 2020 on the Public Disclosure Platform (KAP), made a loss of 3.2 billion TL ($ 450 million).

Istanbul Airport, which served 52 million passengers in 2019, saw only 23.4 million visitors in 2020. Its current operator Istanbul Grand Airport (IGA), a pro-government joint venture that also handled the airport’s construction, has petitioned the General Directorate of State Airports Authority for rent relief, according to Sözcü newspaper.

The airport, one of a string of megaprojects pledged by Turkish President Recep Tayyip Erdoğan, was set to become the largest airport the world.

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