Turkish Airlines has posted a net loss for the first nine months of 2016, of US$463 million – a dramatic change from the $877 million net profit for the same period last year. Revenues were down 6.0 per cent to $7.6 billion, while an operating loss of $154 million contrasted the $894 million operating profit for the same period in 2015.

The carrier blamed political and economic instability in Europe and Middle East, over-capacity and tough competition in the market.

Meanwhile, Turkish Cargo plans to set up a regional hub at Serbia’s Nis airport, according to Serbian media reports. Konstantin Veliki Airport will become a hub for Serbia and its regional neighbours, including Bulgaria, said Mustafa Yaz, Turkish Cargo regional director for Eastern Europe and Russia, according to a report by Serbian news agency Beta.

Serbia’s transport minister Zorana Mihajlovic explained that the start of Turkish Cargo flights to Nis would allow companies in southern Serbia to export their goods to Turkey and the Middle East in the fastest way possible. The Serbian government also plans to invest 6.5 million euro ($7.2 million) in Nis airport by 2019.