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Low-cost carrier Pegasus to lease new aircraft.

February 11, 2014

Turkey's leading low-cost carrier Pegasus Airlines informed in a filing with the Bourse Istanbul (BIST) that it decided to lease a new Boeing B737-800 from the US-based aircraft leasing, financing and management provider BBAM Aircraft Management LP for a period of 68 months, and mandated its board chairman and general manager to sign the final agreement.

Pegasus has ordered 100 Airbus planes worth USD 9.9bn -based on the list prices- to be delivered between 2016 and 2022.

Pegasus recently informed that it plans to launch scheduled flights to o Kuwait from Istanbul'sSabiha Gokcen Airport starting from March 26, to Frankfurt/Germany from Sabiha Gokcen starting from March 22 and also to Madrid/Spain from Sabiha Gokcen starting from March 24.

The number of passengers Pegasus Airlines served increased 23.9% y/y to 16.82mn people last year. The number of domestic passengers rose 23.3% y/y to 10.23mn while international passengers increased by 24.8% y/y to 6.59mn, Pegasus Airlines said in a statement issued to the BIST. The load factor improved to 80.2% from 78.2% while the number of landings was up 20.2% y/y to 112,785. The number of destinations rose to 76 last year from 63 in 2012, Pegasus also said. The seat capacity has been increased by 20.8% y/y to 20.96mn last year.

Pegasus posted a net income of TRY 114.7mn (EUR 37.4mn) in Q3/2013 versus a net income of TRY 157.9mn in the same quarter of 2012. Revenues of the company rose to TRY 836.7mn in Q3 from TRY 670mn a year ago. 9M net income of Pegasus Airlines jumped to TRY 161.7mn from TRY 88.2mn in the same period of 2012 with revenues rising to TRY 1.83bn from TRY 1.47bn.

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Source: IntelliNews - Weekly Reports

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