Kazahkstan-based airline Air Astana has reported third quarter revenues of $410 million for the period, up 10.4% from the same period last year. The company's adjusted EBITDAR was up 10.2% to $126.7 million, with an adjusted EBITDAR margin of 31%, up 0.1 percentage point.
"The successful execution of our Pratt & Whitney mitigation plan has enabled us to outperform the wider sector and achieve accelerated EBITDAR growth in the third quarter’s peak season," said Air Astana Group CEO Peter Foster.
The airline carried 2.8 million passengers in the period, compared to 2.5 million last year, and its load factor was up 1.1 percentage point to 87%. Capacity was up 8.4%, likely bolstered by its fleet increasing from 47 at the end of the third quarter last year to 56 aircraft at the end of this year's third quarter. The company said it will reach 57 aircraft by the end of the year, with the initial goal being to reach 56 aircraft by the year end.
“Our fleet development plan remains ahead of schedule, reaching 57 aircraft, and we have accelerated the simplification of our fleet with the redelivery of two E2s in 2024, with the remainder scheduled for 2025,” continued Foster.
Revenue passenger kilometres (RPK) was up 9.8% for the company over last year in the quarter. Revenue per available seat kilometre (RASK) was up 1.4%, while cost per available seat kilometre (CASK) was up 3.1%.
In addition, Air Astana's cash and bank balances as of the quarter's end was up $473.9 million. Its net debt/EBITDAR was 1.3x.
The company maintained its previous guidance that CASK is likely to outpace RASK in 2024 due to “industry-wide pressures”. It added that it remains on track to meet its medium-term expectation of mid-to-high 20s EBITDAR margin with liquidity ratio above 25% and a leverage of below 3.0x net debt/EBITDAR.