Turkish low-cost carrier (LCC) Pegasus Airlines dropped into the red in 2016, recording a net loss of TL136.2 million ($36.1 million), sharply reversed from a profit of TL111.9 million in 2015. Revenue for the year rose 6% year-over-year (YOY) to TL3.7 billion. The loss had been expected, but in September 2016, CEO Mehmet Nane told ATW  he anticipated the airline would bounce back in 2017. Although the situation was already improving by that point, he said the recovery would not be ...

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