Uzbekistan Airways, the national flag carrier of Uzbekistan, has disclosed a net profit of UZS 61.4bn ($4.8mn) for the first quarter of the fiscal year, investment company Kapital Deposit reported. This figure marks a decrease of 14.3% compared to the same period in 2023.
The airline's revenue stream saw an uptick, with the cost of services surging by 11.5% to reach a total of UZS 3.1 trillion ($244mn). Despite this rise in revenue, the net profit experienced a decline, attributed to various factors affecting the aviation industry globally, including fluctuating fuel prices and the ongoing impacts of the COVID-19 pandemic on travel demand.
Moreover, Uzbekistan Airways managed to narrow its uncovered loss for the year, which decreased to UZS 88.5bn ($6.9mn). Additionally, the airline successfully reduced its long-term bank loans to UZS 7.5 trillion ($590.8mn).
Earlier, Uzbekistan’s airports reported an upswing in passenger traffic during the first quarter of 2024, showing a 42% growth. Uzbekistan Airports, the state-run operator of international airports in the Central Asian Republic, disclosed that between January and March, these airports collectively served 3.1 mn passengers.
Of this total, 2.4 mn passengers embarked on international journeys, while 762,430 passengers opted for domestic flights within Uzbekistan. Throughout the quarter, Uzbekistan's international airports managed 25,360 flights, indicating a substantial 40% increase compared to the previous year. Among these flights, 17,340 were international, while 8,000 were domestic.
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