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Net 1Q14 loss for Pegasus despite increased income

Pegasus Airlines' financial results for the first quarter of 2014 (1Q14) have been announced and show a significant increase in sales and in ancillary revenue per guest, but an overall net loss.

The airline had an increase of 36% in its operational sales revenue to TL512 million for the first quarter of 2014 compared with the same period in 2013 which recorded an revenue of TL377 million. However, the company recorded a net loss of TL 104 million in 1Q14.

Ancillary sales per guest rose by TL7.8 to TL27.3 for 1Q14, compared with TL19.5 for the same period last year.

Pegasus recorded a load factor of 81.5% on its domestic routes during 1Q14, 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%.

Sertac Haybat, Pegasus Airlines CEO, commented, “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.”

Pegasus noted that the revenue figures here do not including its AirBerlin operations.

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