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THY to contribute $3 bln to Turkish economy this year

THY to contribute $3 bln to Turkish economy this year

Turkey's flag carrier Turkish Airlines (THY) forecasts a turnover of some $6 billion this year, almost half of which will be direct contributions to Turkey's economy, the company's CEO, Temel Kotil, said on Wednesday. Speaking at a conference organized by the Canakkale Chamber of Trade and Industry (CTSO), Kotil laid out key elements of THY's corporate success during last year's economic difficulties. "Since 2006, THY has been profitable by adding new flight destinations," he said. "2009 was a year of crisis but thanks to our investments, we were able to continuously advance and so weren't so affected by the crisis. As for 2010, we're targeting a turnover of $6 billion. Of this amount, 44 percent directly goes to domestic companies selling services to us and to salaries, while 10 percent is profits. In short, over 40 percent of our turnover benefits Turkey. We will contribute a net $3 billion this year to the country." THY's sales rose 15 percent to TL 7 billion in 2009 from TL 6.1 billion the previous year. The airline, Europe's fourth-largest carrier, has recently added 24 new destinations to its overseas network, boosting the number of its overseas destinations to 94. THY has also ordered 90 new aircraft, including 12 long-haul Boeing 777s to expand its fleet, Kotil said, adding that this acquisition will increase THY's cargo capacity.

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