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Air Astana posts 144 percent rise in profit
Sunday, 19 Jan, 2016
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Despite a significant drop in revenue, Kazakhstan carrier Air Astana more than doubled its net profit in 2015.
The airline posted US$47.4million in unaudited profit, up by 144% from 2014, representing its 13th consecutive year in the black.
Revenue was down 21% to US$738.1million while passenger traffic increased by 2% to 3.86 million for the year.
"A sharp fall in revenue was more than compensated for by significant cost savings, including, though not limited to, jet fuel savings," said Air Astana president and CEO Peter Foster.
"In spite of extremely challenging local and regional market conditions we were able to grow capacity and add new routes to Paris, Seoul and Tbilisi."
Foster predicts challenges ahead in 2016, with continued economic uncertainty in markets it serves.
"We don’t expect great things from 2016, but with our cost base now amongst the lowest of any full service airline in the world, we expect to be well placed to take advantage when markets improve."
The carrier is more confident of an economic rebound in 2017 and this year expects to add new routes to Tehran and Ulan Bator.
Air Astana will also take delivery of its first Airbus 320 NEO by the middle of 2016.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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