Kazakhstan flag carrier Air Astana has posted a net profit of $47.4m for 2015, a year on year increase of 144 per cent.
Passenger numbers also rose at the carrier by two per cent to 3.8 million while capacity climbed six per cent. Despite the rise in profit, revenues fell from $933m in 2014 to $738.1m for last year.
But Peter Foster, Air Astana president & CEO, said the sharp fall in revenue was more than compensated for by “significant” cost savings, including in areas such as fuel savings.
Looking ahead to 2016, Foster said he “doesn’t expect great things” due to challenges such as commodity and currency price weakness. “2016 will be about keeping our nerve, biding our time, and preparing for the recovery which we expect in 2017,” Foster added.