Turkey Roundup: Turkish airline profit, interest rate, gas field operations
Jail sentences for individuals under foreign influence
The Turkish government is considering a law that could lead to jail sentences for individuals accused of working under foreign influence. Critics fear that the law could silence NGOs and journalists who are critical of the government. The Hans India reports that the draft legislation is not final and would still need to be approved by parliament. German-Turkish lawmaker Mustafa Yeneroglu described the law as dangerous and susceptible to abuse. There have been protests in neighbouring Georgia against a similar law aimed at limiting foreign influence on non-governmental organisations.
Gas field operations
Trillion Energy has launched an operations programme at the South Akcakoca Sub-Basin (SASB) gas field in the Black Sea, offshore Turkey. This two-month programme will consist of multiple phases. According to Offshore Technology, it will target seven or eight wells, including six drilled last year and others with historical water loading issues. Service contractors have been hired for various tasks, and marine vessels will transport the equipment offshore. In June 2024, the operations will begin with the perforation of 49 meters of gas pay across four wells, followed by the installation of a velocity string in the AKK-3 well.
$226 million Turkish Airlines profit
Turkish Airlines reported a profit of $226 million in the first quarter of 2024, with total revenues reaching $4.77 billion. Total revenues increased by 9.6 percent in January-March, reaching $4.77 billion, with passenger revenue rising 4.8 percent to $3.82 billion. Cargo revenues amounted to $750 million in the first quarter, up 27 percent from the previous year. The net income margin stood at 4.7 percent. According to Daily News, fuel expenses, which made up 32 percent of the carrier's total costs, increased by 4.1 percent to $1.5 billion. Personnel expenses surged by 41.3 percent from the first quarter of last year to $1.03 billion. The company spent $325 million on sales and marketing, a 3.2 percent annual increase.
Interest rate maintained
Turkey's central bank maintained its key interest rate for the second consecutive month on Thursday, despite the country's ongoing struggle with soaring inflation. The bank's monetary policy committee decided to keep the policy rate steady at 50 percent, while remaining highly attentive to inflation risks, according to New Arab. Before the March 31 local elections, the central bank raised its rate from 45 percent to 50 percent as inflation became a persistent issue for President Recep Tayyip Erdogan's government. In April, inflation reached 69.8 percent year-on-year, up from 68.5 percent in March, according to official data released in early May.
Turkey's longest-range radar
Turkey's longest-range radar, the ALP 300-G, has been delivered to the Turkish Armed Forces by ASELSAN. The radar, developed domestically, is a highly strategic product for battlefield and border security. Azer News maintains that the radar is capable of processing a large amount of data and has superior capabilities compared to other radars. ASELSAN aims to become one of the world's largest defence industry companies by 2030, focusing on developing game-changing technologies and export-oriented growth.
