Air Astana (LSE:AIRA), one of this year’s few significant listings on the London Stock Exchange, held steady in the market turmoil on solid first-half numbers.
Total revenue rose by 12.9% year-on-year to US$586 million, while underlying profits rose by 9.8% to US$138.7 million despite issues with the grounding of Pratt & Whitney engines for remedial work.
The Kazakhstan-based airline added that passenger numbers also hit a record at four million, up 14.6%, with a load factor of 82% (82.7%).
Capacity on China routes increased following higher demand than anticipated while twice weekly direct flights between Seoul and Astana have also resumed.
Revenue per average kilometre rose by 3.4% to USD 7.02¢ (Q2 2023: 6.79¢) year-on-year.
Peter Foster, chief executive, added it was a robust performance against a backdrop of inflationary cost pressures.
Fleet development is ahead of schedule, he added, and the airline now expects to expand the total fleet by three more than originally planned to 59 by the end of 2024.
“This increased capacity is one of several actions to mitigate off-wing time from Pratt & Whitney engines and enable us to meet rising demand for air travel across Kazakhstan and Central Asia.
With passenger numbers at record highs and a strong booking curve for the third quarter, we are well-positioned for the peak summer season.
“Despite the ongoing management of Pratt & Whitney engines and industry-wide cost pressures, we are on track with our growth strategy and remain confident in the group's prospects in 2024 and beyond."
GDRs eased 1% to US$6.67.