Turkey's Pegasus turns in full year profit for 2012

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Pegasus Airlines posted an operating profit of 202 million liras ($112 million) at an EBITDA level in 2012, a sharp improvement on the previous year according to figures released in its Initial Public Offering prospectus.

The figures show the Turkish carrier, which has now selected banks to handle its planned IPO, has almost doubled net sales over the last two years. Net sales jumped from 978 million liras in 2010 to 1,920 million liras for the 12 months ending December 2012.

At an operating level the carrier posted EBITDA of 202 million in 2012, compared to 11 million in 2011.