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Tuesday, 23 October, 2001, 13:33 GMT 14:33 UK
Turkish Airlines cuts staff and fleet
Turkish Airlines plane taxis on a runway
Passengers numbers are down after the attacks
Turkish Airlines will cut more than 1,000 staff and may halve its fleet after air traffic dropped 35.6% following the 11 September attacks on the US.

The measures are expected to save about $59m.

The company is due to be privatised as part of a $15.7bn International Monetary Fund economic package after the currency was devalued in February.

Turkish Airlines already planned to sell seven of its Airbus A310/300 aircraft by 2003, leaving it with 61 leased planes.

Staff slashed

The airline will lay off 335 temporary workers and not renew contracts of 450 part-time staff, it said in a statement to the Istanbul Stock Exchange.

Another 338 employees qualifying for retirement would also depart retrenched, the company said.

Passenger volumes on domestic flights have fallen 35.3% and international flights 21.6% percent due to the war in Afghanistan, the airline said in justifying the job losses.

Turkish Airlines shares ended up 3.8% at 5,500 lira on the Istanbul stock market after the announcement.

See also:

03 Jul 01 | Business
Turkish markets fall on IMF rebuff
30 Mar 01 | Business
Turkey's economic plan suffers blow
28 Feb 01 | Business
Turkish air sell-off delayed
19 Mar 01 | Business
Turkey seals new IMF deal
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