Turkey’s second largest airline Pegasus Airlines’ financial results for the first quarter of 2014 have been announced by the Public Disclosure Platform (KAP).

Pegasus Airlines has recorded a significant increase in sales and in ancillary revenue per guest together with an increase of 36% in its operational* sales revenue to 512 million Turkish Liras (TL) for the first quarter of 2014 compared with the same period in 2013 which recorded an revenue of 377 million TL. For the first quarter of 2014, a net loss of 104 million TL was also announced. Ancillary sales per guest rose by 7.8TL to 27.3TL for the first quarter of 2014, compared with 19.5TL for the same period last year.

Turkey’s fastest-growing airline recorded a load factor of 81.5% on its domestic routes for the first quarter of 2014, its highest level ever, and a load factor on its international routes beyond Turkey of 74.3%, rising to an average overall load factor of 78.7%.

During the first quarter of 2014 Pegasus expanded its network to reach 80 destinations in 31 countries with the addition of the four new routes of Frankfurt, Madrid , Kuwait and Hamburg , thus ending the period with a domestic market share of 27.36% and an international market share of 11.6%. There was also a year-on-year increase in the number of guests by 25.4% to 4.08 million, with Pegasus growing 1.4 times faster than the rest of the Turkish aviation industry in the first quarter of 2014.

Sertac Haybat, Pegasus Airlines CEO, says: “During this year’s first quarter the load factor on our routes within Turkey increased. Alongside this the ancillary revenue per guest also showed a significant increase. On the other hand the first quarter of any given year is always a difficult one for our sector. Due to seasonality and the recent fluctuation in the exchange rates I can say that this really has been a tough period for the sector. As a result the first quarter was not a profitable period for us. I can say with confidence though that we will continue to grow and expand as the rest of the year progresses, in particular with the increase in demand during the summer period and the addition of new routes.”
* Revenue not including Pegasus’ AirBerlin operations.