ALMATY – Kazakhstan’s Air Astana achieved a record profit after tax (unaudited) of $47 million on revenues of $546m for the full year 2009, a gain of 176 percent over 2008 and a 34 percent increase over the previous best year of 2007.
This was in spite of a decline in revenues of 16 percent.
“Although there was a one-off currency gain of $8.2m after devaluation of the Kazakh Tengue in February 2009, the result represents the effectiveness of cost saving measures from mid 2008,” said Air Astana president Peter Foster.
“The fact that we were not fuel hedged until April 2009 meant that we took full advantage of price falls.
“Add to that unit cost savings across the airline, and in particular the dismantling of general sales agency agreements in Kazakhstan and Russia following the implementation of IATA eBSPs in both markets, and the year was very satisfactory in spite of the drop in revenues.â€
Air Astana is a joint venture between Kazakhstan’s national welfare fund Samruk Kazyna (51%) and BAE Systems PLC (49%). It commenced operations in May 2002.
