Turkish Airlines (THY) posted a third-quarter loss yesterday of 22.7 million Turkish lira ($16 million), confounding forecasts for net profit of 231 million lira. Sales amounted to 2.539 billion, in-line with forecasts and up 19.8% on the same period a year earlier. The airline, Europe’s fourth-largest carrier by passengers, said January to October passenger numbers were up 17.3% at 24.5 million. Initial reaction to the surprise loss was that a fleet revaluation might have been to blame. In August Turkish Airlines warned rising oil prices had lifted jet fuel costs by 64%.

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