Istanbul-based Turkish Airlines reported a nine-month 2016 net loss of $463 million, reversed from a net profit of $877 million in the year-ago period.

According to the report, revenues for the nine-month period decreased 6.1% to $7.6 billion; operating loss for the period was $154 million, reversed from an operating profit of $894 million last time.

The Turkish flag carrier said political and economic instability (especially in Europe and Middle East)—as well as the increased perception of global and regional risks—had a negative impact on aviation demand and placed pressure on yields. Moreover, increased capacity, led by low fuel prices and increased competition, also affected ticket prices and total revenue.

The report also stated passenger and cargo revenue in all networks—except to America and Africa—dropped in all markets, including domestic routes.

During the nine-month period, the carrier transported 48.3 million passengers, up 4%, on 357,000 flights. ASKs increased 14%; RPKs were up 8.2% and load factor was down to 74.5% from 79% in the year-ago period.

Turkish’s EBITDAR margin for the nine-month period was 17.4%, down 8.8 percentage points year-over-year.

On Oct. 7, the Star Alliance member reported to the Borsa Istanbul stock exchange that it would reschedule deliveries of some 92 Airbus A321neos, 65 Boeing 737 MAX 8s and 10 737 MAX 9s that were planned to enter the fleet between 2018-2022. The narrowbody deliveries will be reduced from 34 to 10 in 2018; from 40 to 35 in 2019; and from 52 to 42 in 2020.

Six of the re-engined narrowbody aircraft are expected to be delivered in 2021, 30 in 2022 and 15 in 2023.

Sources told ATW Turkish Airlines has grounded approximately 30 aircraft as a result of weakening demand across its network, analysis of flight data shows. The company has not yet publicly confirmed it.

The grounded aircraft appear to include at least 12 Airbus A330-200s, three A340-300s, eight A319s and at least five Boeing 737-800s.

According to the source, at least 15 of the grounded aircraft are owned by Irish lessor AerCap. Three A330-200s, wet leased from Jet Airways, were scheduled to be returned early next year.

The Star Alliance member flies to 49 domestic and 243 international destinations in 117 countries.

According to the statement, Turkish operates 336 aircraft (43 of which delivered in 2016), comprising 86 widebody, 237 narrowbody and 13 cargo aircraft.