Turkey’s Pegasus Airlines launches JV talks with Kazakh JSC

By bne IntelliNews December 19, 2014

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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