Major Kazakh airline records losses for 9M2020

Major Kazakh airline records losses for 9M2020

BAKU, Azerbaijan, Nov. 12

Trend:

Kazakh Air Astana's net loss in the past 9 months of 2020 reached 36 billion tenge ($84 million) as compared to 9.1 billion tenge ($21 million) for the first three quarters of 2019, Trend reports citing the company's unaudited financial statement.

According to the statement, in the reporting period, the revenues decreased by more than half, amounting to 114.56 billion tenge ($2.7 billion), of which 103.7 billion tenge (2.3 times less year on year) was from passenger traffic, 5.6 billion tenge or $13 million (3 percent less) - cargo shipment and mailing, 2.8 billion tenge or $6.6 million (24 percent growth) - other revenues, while profit from the sale with leaseback made up 2.4 billion tenge ($5.6 million).

Meanwhile, the company’s operating expenses amounted to 146.4 billion tenge ($3.4 billion), which is 34 percent less than a year earlier. The operating loss reached 31.9 billion tenge ($75 million) against a profit of 21.8 billion tenge ($51 million) in the same period of last year. The loss before taxation made up 44.8 billion tenge ($100 million).

At the same time, the company's long-term assets grew to 295.7 billion tenge or $6.9 billion (against 249 billion tenge or $5.8 billion a year earlier), and current assets amounted to 133.9 billion tenge or $3.1 billion (against 130.7 billion tenge or over $3 billion a year earlier). Thus, the total value of the long-term assets stood at 429.6 billion tenge ($252.7 billion).

From January through September 2020, the company’s equity capital decreased by 4.1 times to 9.6 billion tenge ($22 million). Long-term liabilities grew by 32.6 percent to 289.1 billion tenge, current liabilities - by 6.9 percent to 130.9 billion tenge (over $3 billion).

Air Astana’s net loss surged by almost 10 times in the first half of 2020.

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