Turkey's flag carrier Turkish Airlines said on Wednesday it plans about $3.74 billion worth of investment this year, including spending plans by its subsidiaries.

More than $3 billion worth of that will be allocated to expanding its fleet, which stood at 261 aircraft at the end of 2014, the company said in a presentation distributed at a news conference.

The airline will need Boeing 747 and Airbus 380 in the future as it continues to expand its fleet but no management decision on the issue has been taken yet, chairman Hamdi Topcu said.

The airline's net profit ofr 2014 more than doubled year-on-year to 1.82 billion lira ($739.30 million). The company's sales rose by 29 per cent in the same period to 24.16 billion lira.

A senior executive at the airline said in January that it was considering expanding its fleet and was studying a list of Airbus and Boeing models including the A380. - Reuters