While the carrier's passenger revenues slumped by two-thirds for the three months ended December 2020, to $876 million, Turkish Airlines increased its cargo revenues almost four-fifths to reach $841 million.
This helped the carrier post an operating profit of $61 million for the fourth quarter, though it slipped to a net loss of $50m for the same period.
For the full-year, Turkish Airlines cargo revenues climbed 61 per cent, to $2.7 billion, helping to counter a 66 per cent fall in passenger revenues, to $3.8 billion. As a result Turkish Airlines revenues were down by just under half for 2020 at $6.7 billion.
The improved cargo performance could not prevent the carrier posting an operating loss of $530 million for the full year and a net loss of $836 million. That compares with an operating profit of $585 million and net profit of $788 million in 2019, reports London's Air Cargo News.