Air Astana expects to close 2024 ""ahead of expectations""

Air Astana said in its second quarter 2024 results that it expects to close out this year ""ahead of expectations"" with it receiving 12 additional aircraft to its fleet as well as the redelivery of two E2 aircraft ahead of schedule. These aircraft will bring its total fleet to 59 aircraft across the group by the end of the year, after initially planning for 56 aircraft. ""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,"" said Air Astana Group CEO Peter Foster. ""We also continue to expand the network and strategically allocate capacity to important growth regions such as China and South Korea."" The group's airlines Air Astana and FlyArystan are ""well positioned"" for the summer with increased fleet and network capacity, as well as a ""positive booking curve"" for the third quarter. Its revenue per available seat kilometre (RASK) is set to outpace its cost per available seat kilometre (CASK) for the year. It expects to meet its medium-term expectations of mid-to-high 20s EBITDAR margin with a liquidity ratio above 25% and a net debt to EBITDAR ratio of below 3.0x. The group reported revenues of $322.4 million in the second quarter, up from $288.9 million in the same financial period of 2023. Passenger revenues totalled $304.3 million and cargo revenue totalled $6.2 million. For the period, its operating expenses were $287 million, up from $246.2 million in the second quarter of 2023. Its operating profit was $35.4 million, down from $42.8 million. The group reported a profit after tax of $16.1 million, down from $22.6 million in the period a year prior. Total equity and liabilities as of June 30, 2024, was $1.7bn. Its total assets were valued at $1.7bn. Its net debt at the end of the quarter was $407.47 million. The group's net debt to adjusted EBITDAR reduced to 1.4x at the end of the quarter, driven by organic cash generation, as well as IPO proceeds.