Turkish Airlines Subsidiaries’ First Half Results 2025: Profit Growth and Record Loss Side by Side
- Revenues Rise, Profits Fall: THY Report
- Turkish DO&CO Boosts Profit by 68%
- TFS Fuel Revenues Drop, Profit Down 35%
- THY Opet Turns Loss into Profit
- SunExpress Quadruples Its Loss
- TGS Ground Services Still Profitable, but Decline Reported
Turkish Airlines’ (THY) financial statements for the first half of 2025 revealed striking contrasts in the performance of its subsidiaries. Total revenue from subsidiaries rose compared to the same period last year, reaching $3.727 billion. However, during this period, the subsidiaries reported a net loss of $46 million.
In the same period last year, subsidiaries had posted $3.707 billion in revenue and $56 million in net profit. This year, losses from THY’s joint ventures were recorded at $28 million.
The highest profit growth came from Turkish DO&CO. The company increased its revenues by 30% to $358 million, while net profit rose by 68% to $32 million.
Turkish Engine Center (TEC) reported a profit of $9 million, the same as last year.
TFS Fuel posted a $20 million profit; however, this marked a 35% decline compared to the previous year. Revenues also fell 17%, down to $1.43 billion.
THY Opet reversed last year’s $2 million loss into a $4 million profit in 2025.
TGS Ground Services reported a profit of $17 million, though this represented a 43% decrease compared to the previous year. The company’s revenues rose 11%, reaching $411 million.
The most notable development among subsidiaries came from SunExpress. The airline, jointly owned by THY and Lufthansa, posted a loss of $128 million in the first half of 2025. This figure is nearly four times last year’s $34 million loss. Although revenues rose 17% to $833 million, the loss translated into a $64 million impact on THY.
At a press conference held in Istanbul last April, SunExpress CEO Max Kownatzki described the airline’s 2024 reduced profitability as a “record profit.” Yet, data shows that the $270 million net profit of 2023 fell by 39% to $164 million in 2024, meaning the company lost $106 million in earnings.
