Turkey’s Pegasus Airlines launches JV talks with Kazakh JSC
Turkey’s largest low-cost airliner Pegasus said on December 18 that it engaged in negotiations with JSC Stock Investment Fund of Venture Investments Green Invest, an investment fund based in Kazakhstan, for setting-up a joint venture investment by June 30, 2015 with the aim of conducting low cost scheduled air transportation in/from/to Kazakhstan.
Pegasus Airlines increased its consolidated net income by 118% y/y to TRY251mn (€88mn) in Q3 versus the market forecast of TRY222mn as its revenues rose by 33% y/y to TRY1.1bn. In January-September, the company’s consolidated net income rose by 45% y/y to TRY235mn and its revenues were up 33% y/y to TRY2.4bn.
The carrier served a total of 15.02mn passengers in January-September, representing a 19.4% y/y increase, according to the latest passenger traffic data provided by Pegasus. Domestic passengers rose 19.3% y/y to 9,06mn while the number of international passengers the company served showed a 19.5% y/y increase, amounting to 5.96mn people. The load factor was unchanged at 80.6% but the number of destinations flown increased to 86 in the first nine months of the year from 71 a year ago.
| Pegasus (consolidated) Financials | |||
| (mn TRY) | 2013/09 | 2014/09 | (y/y) |
| Revenues | 1,824.3 | 2,419.8 | 33% |
| Gross Margin | 442.0 | 425.6 | -4% |
| Operating Income | 285.6 | 307.8 | 8% |
| Net Income | 161.7 | 235.2 | 45% |
| Source: PDP | |||
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