Air Astana has reported a huge increase in net profit for 2015 but overall revenue dropped 21 per cent.
The Kazakhstan airline saw profit rise 144 per cent to $47.4 million for last year compared to 2014.
The airline’s growth was helped by an increase of 2 per cent in passenger numbers to 3.86 million, while capacity also rose 6 per cent.
Total revenue fell by 21 per cent from $933 million to $738.1 million.
Air Astana president and CEO Peter Foster: “A sharp fall in revenue was more than compensated for by significant cost savings, including, though not limited to, jet fuel savings.
“In spite of extremely challenging local and regional market conditions we were able to grow capacity and add new routes to Paris, Seoul and Tbilisi.”
2015 was the airline’s 13th consecutive year of profitability.
Commenting on the prospects for 2016, Foster said he expects markets to continue to be weak.
“Currency and commodity price weakness are ongoing challenges. We don’t expect great things from 2016, but with our cost base now amongst the lowest of any full service airline in the world, we expect to be well placed to take advantage when markets improve.
“We expect to add new routes to Tehran and Ulan Bator this year, and will take delivery of the first Airbus 320 NEO mid-year. 2016 will be about keeping our nerve, biding our time, and preparing for the recovery which we expect in 2017.”