Kazakh air carrier ups loss in Jan. – March

Business Materials 23 May 2014 17:49 (UTC +04:00)

Baku, Azerbaijan, May 23

By Elena Kosolapova - Trend:
Kazakh air carrier Air Astana's losses hit 9.444 billion tenge (182.42 tenge = $1) in the first quarter of 2014 compared to 536.8 million tenge in the same period of 2013, Novosti-Kazakhstan reported with reference to the company's published financial statements.

Air Astana's revenues from services and interest income increased by 10.8 percent to 32.977 billion tenge in the first quarter of 2014, including 28,473 million tenge of government subsidies which increased by 1.4 times increase.

Meanwhile, prime cost of services and interest expenditures in the reporting period increased by 19 percent to 34 billion tenge. As a result, gross profit was negative in the amount of 1.030 billion tenge against 1.215 billion tenge positive income in the same period of 2013.

The negative financial result mainly resulted from 8.233 billion tenge loss from the currency exchange rate difference in January-March 2014.

In the first quarter of 2013, the company received income of 107 million tenge from the exchange rate difference.
Kazakh National Bank devaluated the national currency tenge by 19 percent in February.
Air Astana is the flag carrier and the national airline of Kazakhstan. It is a joint venture owned by the Government of Kazakhstan (51 percent) and British BAE Systems (49 percent). Its passenger traffic hit 3.7 million people in 2013. Air Astana's fleet consisted of 30 aircrafts as of the end of 2013.