Pegasus and Turkish report Q2 losses
Pegasus Airlines and Turkish Airlines both suffered losses in the second quarter as the Covid-19 crisis caused extensive disruption to their businesses.
Pegasus posted a TL837 million ($115 million) operating loss in the period ending 30 June, from a TL405 million profit in the same period a year ago.
Year-on-year revenues fell to TL151 million from TL2.63 billion. Cost of sales fell to just under TL685 million from over TL2 billion.
Cash and cash equivalents amounted to TL4.14 billion at 30 June, compared with TL4.19 billion at the end of December 2019. Current liabilities stood at TL6.92 billion from TL4.66 billion.
At 30 June, Pegasus has firm orders for 64 aircraft. It expects to take delivery of seven aircraft in 2020, nine aircraft in 2021, 18 aircraft in 2022, 17 aircraft in 2023, 10 aircraft in 2024, and three aircraft in 2025.
The airline has provided advances on aircraft purchases amounting TL1.78 billion.
Short-term bank borrowings amounted to TL1.74 billion during the second quarter. This includes a $145 million loan with an interest rate of 2.78%, an €87 million loan ($103 million) at 3.93% and a TL76 million loan at 12.4%. Long-term borrowing amounts to TL 481 million, consisting of a €43 million loan at 3.93% and a TL150 million loan at 12.4%.
Turkish Airlines incurred a TL963 million operating loss in the second quarter, reversing a TL251 million profit in the period a year before.
Revenues totalled TL6.18 billion during the period from TL18.7 billion. Cost of sales was TL6.86 billion, from TL16.2 billion.
Cash and cash equivalents stood at $1.78 billion at the end of June, from $2.48 billion at the end of 2019.