ECONOMY

Losses for Turkish Airlines

ISTANBUL (Reuters) – Turkish Airlines yesterday reported a loss of 12.35 trillion lira ($9 million) in the first six months of the year, compared with a profit of 76.91 trillion lira in the same period last year. The airline did not cite any reason for the loss in a statement to the Istanbul Stock Exchange, but airlines around the world have seen profits fall in the past year due to a weak world economy, war in Iraq and the SARS viral epidemic in Asia. The flagship airline, 98.17 percent state-owned, is slated for privatization under Turkey’s $16 billion loan pact with the International Monetary Fund, but a sale does not look imminent as the government awaits better market conditions. Turkish Airlines is planning to enlarge its fleet of 65 planes before the end of the year. It won an incentive package worth more than $2 billion from the government.