Turkish Airlines concluded the third quarter of the year with a Net Profit of 1.5 billion USD, thanks to its strong recovery in supply and operational agility. As the global aviation market faced unprecedented operational problems, it left behind a quarter in which rising geopolitical tensions and global inflationary pressures seemed to be at the forefront. Turkish Airlines, with its operational agility, high-qualified workforce protected during the pandemic, and a wide-ranging flight network, responded quickly to the strong supply, and concluded the third quarter of 2022 with a Net Profit of 1.5 billion USD. Despite the difficult operating environment experienced since 2020, our Incorporation achieved a net profit for the fifth consecutive quarter, as well as this quarter.
Our partnership's total revenues in the third quarter of 2022 exceeded its total revenues in the similar period of 2019 by 52%, with 6.1 Billion USD. Cargo revenues, which make up 14% of the total revenue, increased by 110% in the quarter compared to the similar period of 2019 and reached almost 880 Million USD. Despite the difficulties especially at European airports, our partnership successfully managed its operations and met the increasing passenger demand in the desired amount. Despite the global inflation pressures, it succeeded in achieving a net profit by reducing its unit expenses excluding fuel by 5% in the third quarter of 2022 compared to the similar period of 2019. As a result, EBITDA (Earning before interest, tax, depreciation and rent – EBITDAR), which indicates the cash generation potential of the partnership, achieved a success of 2.1 billion USD.
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