Pegasus Airlines Announces 2024 First Quarter Performance
Pegasus Airlines Announces 2024 First Quarter Performance
Pegasus Airlines shared its passenger and financial performance data for the first quarter of 2024 with the public. Having achieved a significant passenger growth in the first three months, the company carried 8.1 million passengers with an increase of 28% compared to the same period of the previous year. This increase demonstrates Pegasus' continuous growth in passenger traffic and its effective position in the sector.
However, the company is going through a challenging financial period. Pegasus announced a net loss of EUR 103 million in the first quarter of 2024, pointing to the general financial difficulties in the aviation industry. This loss is particularly attributed to rising fuel costs and operational expenses. Economic pressures and competitive conditions across the sector continue to negatively affect the profitability of airline companies.
Continuing to expand its fleet, Pegasus stated that the number of aircraft in its fleet increased to 105 in the first quarter. The company expects this number to reach 118 aircraft by the end of the year. Fleet expansion is considered as part of Pegasus' long-term growth strategy. More aircraft will allow the company to fly to more destinations on both domestic and international routes and increase its market share.
This significant increase in Pegasus' passenger numbers is especially observed on domestic routes. As the domestic market strengthens, Turkish tourism revives and economic incentives encourage travellers to explore more local destinations, the company is expected to increase its passenger capacity on domestic routes. Moreover, Pegasus' growing flight network and competitive pricing strategies continue to increase its popularity, especially among budget-conscious consumers.
The company's general manager emphasised that the increase in passenger numbers is pleasing, but cost management and operational efficiencies need to be improved to overcome financial challenges. Going forward, Pegasus is expected to take strategic steps to maintain its financial health and pursue a sustainable growth path.
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