Turk Hava Yollari AO, the carrier known as Turkish Airlines, surged after posting an unexpected profit in the third quarter.

The shares gained 4.1 percent to 2.54 liras at 12:54 p.m. in Istanbul after rising as much as 4.5 percent. Profit in the period soared to 76.7 million liras (US$43.1 million), from 24.3 million liras a year earlier, the carrier said Nov. 11. It was expected to report a loss of 84.4 million liras, according to the average of 11 analyst estimates compiled by Bloomberg.

The results could lead to an "upward revision of estimates across the board," analyst Ilke Takimoglu Homris at Istanbul- based broker Is Investment said in a report today. The better-than-expected results come from lower personnel and maintenance charges due to "better cost management," the analyst said. "Load factor and utilization increases in all routes, particularly in long-haul routes, reversed the negative results of the first half."

Turkish Airlines lost 552.9 million liras in the first half, according to Bloomberg data.

The shares are likely to see a "bounce" after the results, having underperformed the stock market by 36 percent this year, according to analyst Selim Kunter at Istanbul-based broker Ekspres Invest. Ekspres said its 12-month target price on the share was 4.60 liras.