TORONTO — Turkish Airlines has posted a record profit of US$1.149 billion from its main operations in the first nine months of the year, a major accomplishment considering the rising cost of fuel.

Attributing increase demand and unit revenues as its main contributing factors to growth, the airline reported an increase in both passenger and cargo revenues for a total revenue of approximately $4 billion in Q3 of 2018.

Sales revenue in the first nine months increased by 20% to $9.9 billion, compared to the same period of 2017.

The airline also managed to increase its net profit three times in the first nine months of 2018, during which it had a net profit of $755 million.

Also during this period, EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) increased by 16% to $2.8 billion, with an EBITDAR margin of 28%.

As for traffic, during the first nine months of the year, total load factor climbed 3.2 percentage points to 82%. During this period, the airline carried approximately 58 million passengers.

Turkish Airlines Chairman of the Board and the Executive Committee M. Ilker Ayci thanked passengers, employees, business partners and stakeholders who contributed to the airline’s success.

“Despite the various regional and sectoral conditions we have encountered in recent years, our  persevering attitude has been the source of our steady rise,” he said. “Today, with our significant investments, impressive growth figures and numerous successes we continue to strengthen our prestigious position in the global aviation industry.

Turkish Airlines operates 39 domestic and 255 international destinations for a total of 304 destinations in 122 countries. It presently operates a total of 329 aircraft, with aims to reach a fleet of 475 aircraft by 2023.

The airline is presently operating a limited number of domestic and international routes from the new Istanbul Airport. On Dec. 31, all operations will move from Istanbul Atatürk Airport to Istanbul Airport.