Turkish Airlines wraps up first quarter of 2021 with $41 million real operating loss and $61 million net profit despite the effects of the crisis caused by Covid-19.

Turkish Airlines' cargo revenue posts a 77 percent increase compared with the same period in 2020.
Turkish Airlines' cargo revenue posts a 77 percent increase compared with the same period in 2020. (AA)

Turkish Airlines has reaped $1.8 billion total revenue in the first quarter of 2021, down 29 percent year-on-year amid pandemic-related travel restrictions around the world, the flag carrier announced.

"In this difficult time, Turkish Airlines managed to wrap up the first quarter of 2021 with $41 million real operating loss and $61 million net profit despite the effects of the crisis caused by Covid-19," the company said in a written statement.

As for the cargo revenue, which is 46 percent of the total revenue, the airline posted a 77 percent increase compared to the same period in 2020.

In the January-March period that saw a 48 percent decrease in its passenger capacity, Turkish Airlines carried a total of 6.4 million passengers with 74 percent load factor at domestic flights and 61 percent load factor at international flights.

READ MORE: Turkey's e-commerce sector sees sharp increase of 66 percent amid pandemic

'Coming through with flying colours'

Commenting on the financial results, Turkish Airlines CEO Ilker Ayci said: "As the pandemic process continues with devastating effects on the global aviation industry, this performance can only be described as 'coming through with flying colours'."

This success, he underlined, is a result of the combination of the company's national sense of duty, professional capability and experience in crisis management.

"We will continue to work with the same selflessness in order to leave behind these dark days and continue to strengthen in the sky," he said.

World's fifth-biggest air cargo carrier

As of the end of April, Turkish Airlines owns a fleet of 362 aircraft, with 231 narrow-body and 106 wide-body, along with 25 cargo aircraft.

According to February 2021 data, Turkish Cargo became the fifth-biggest air cargo carrier in the world with record growth in the cargo market.

Turkish Cargo enlarged its flight network strength with a 33 percent capacity increase in the first quarter of 2021.

READ MORE: Istanbul Airport ranks in world's top 5-star airports

Source: AA