Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a smartphone as hand luggage with the US having dropped its cabin electronics ban against Turkey's national carrier, DHA news agency reported.
By early afternoon on July 5, the only major carrier still subject to the moratorium imposed in March was Qatar Airways flying out of Doha, with US Department of Homeland Security officials having removed the ban against Turkish Airlines, based at Istanbul Ataturk Airport, and all other big airlines flying out of 10 airports across the Middle East and North Africa. The move came in response to the acceptance of enhanced airport safeguards against potential terrorist attacks.
THY saw its shares sink after the US imposed the ban on March 22. On the same day, the UK introduced a near-identical move. The Turkish national carrier responded to the ban by offering free laptops aboard to passengers.
“We also expect the electronic devices ban on the UK flights to be lifted soon,” Bilal Eksi, general manager of THY, the airline reported on June 8. Across January-May, the number of passengers declined by 2% y/y to 25mn. Domestic passenger volume fell by 0.4% y/y to 11mn, while the international passenger figure declined 3% y/y to 14mn.
| THY Financials (consolidated) | |||||
| (bn TRY) | end-14 | end-15 | 14/15 | end-16 | 15/16 |
| Total Assets | 31.9 | 47.6 | 49% | 65.1 | 37% |
| Total Equity | 9.15 | 14.1 | 54% | 17.9 | 27% |
| (mn TRY) | 2014 | 2015 | 14/15 | 2016 | 15/16 |
| Revenues | 24,158 | 28,752 | 19% | 29,468 | 2% |
| Gross Margin | 4,429 | 5,793 | 31% | 3,417 | -41% |
| Operating Income | 1,443 | 2,486 | 72% | -865 | -135% |
| Net Income | 1,819 | 2,993 | 65% | -47 | -102% |
| source: kap | |||||
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