Record profit for Air Astana
Kazakhstan flag carrier Air Astana reported a healthy operating profit of US$97.7 million in 2014, up 35% from 2013 and the highest since the company was founded in 2002.
Net profit dropped by 62% to US$19.3 million.
This was blamed on a one-off revaluation of external debt totalling US$49 million which came from the devaluation of the Kazakh Tengue by 19% in February.
Passenger traffic was up by 3% to 3.8 million in 2014, but overall revenue fell by 3% to $932.9 million.
Astana president and CEO Peter Foster said: "2014 was a good year considering the Tengue devaluation and uncertainty in the region following the sanctions imposed on Russia, our largest market after Kazakhstan."
"The excellent operating result was due to a 7% drop in unit cost and a rise in transit business to and from the region."
Foster added that there could be a tough year ahead due to "continued regional political and economic uncertainty."
Aside from the financial performance, Air Astana was again recognized as Best Airline Central Asia and India at the Skytrax Global Awards and was inducted as the 16th member of the Association of Asia Pacific Airlines at the AAPA annual general meeting recently held in Tokyo.
The carrier also took delivery of three new Airbus 320s, a Embraer 190 and two Boeing 767s in 2014.
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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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