Turkey’s flag-carrier airline reversed a nine-day losing streak as it agreed to an e-commerce cargo joint venture with partners from China and Hong Kong.
Turkish Airlines signed the deal with Chinese delivery giant ZTO Express Cayman Inc. and Hong Kong’s PAL Air Ltd., a unit of Pacific Air Holdings Ltd. The joint venture, to be based in Hong Kong, will have revenues of at least $2 billion in the five years to 2023, Turkish Airlines Chairman Ilker Ayci said in a news conference in Istanbul on Monday.
