Turkish Airlines (THY) has reported its biggest loss since the turn of the century in first quarter (Q1) of 2016 as direct traffic to Turkey collapsed. THY posted a loss of 1.24 billion liras ($421 million) for Q1, from a 373 million liras profit for Q1 2015. Shares fell close to ten percent on the news. THY also took a $306 million write-down of foreign currency debt involving mainly yen-denominated bank loans. Turkey has of late been overwhelmed by the Syrian civil war, which has seen bombings by Islamic State and Kurdish militants, significant military tensions with Russia and a

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