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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% over 2008 and a 34% increase over
the previous best year of 2007. This was in spite of a decline in
revenues of 16%.
“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”, stated 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.”
Air Astana's passenger and cargo revenue are
showing signs of recovery and the forecast for 2010 is “fair to
good” if the economic recovery continues. It recently took
delivery of a sixth Fokker 50, its 22nd aircraft, and will
introduce two Embraer 190 regional jets at the beginning of next
year.
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.
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