In the first half of 2012, revenues of Azerbaijani air companies totaled 90.3 million manta, by 25.2% more than in the same period last year. However, the air companies had large losses.
In contrast to the foreign air companies, neither state airline CJSC "Azerbaijan Airlines", nor private Ltd. "Turan Air" publish reports on financial and economic activities. Although AZAL, in compliance with the law, is required to publish the annual financial report. The only source of information on the results of their activity is State Statistical Committee (SSC), which provides summary data.
According to the SSC, in January-June, local air companies spent on passenger carriages 115.7 million manat, by 4.8% less than in the same period of 2011. Thus, the losses on passengers carriages totaled 25.4 million manat. It is noteworthy that over the reported period local airlines carried 685.200 passengers. This is by 14.5% more than in the same period of 2011. The share of AZAL is 98.5% of passenger traffic.
State Statistical Committee told Turan, that in 2011, with total income AZN 181.8 million (+37.4%) losses of airlines reached 63.1 million manat. 08B
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review