In 2015, the national airlines of Azerbaijan suffered losses totaling 64.7 million manat, by four times more than in the previous year, while the passenger traffic grew by 1.7% last year.
The State Statistics Committee told Turan in 2015 the revenue from ticket sales and other passenger services amounted to 296.9 million manat (-0.6%). The costs of the airlines to provide passenger transportation services totaled 361.6 million manat, an increase of 15%.
Last year 1 million 818 thousand passengers were transported, including 534,100 within Azerbaijan (-3.3%).
Revenues of the airlines from freight traffic in 2015 amounted to 531.1 million AZN - 1.5% less than in 2014. Balance profit of the airlines exceeded 82 million AZN.
There are four national airlines in Azerbaijan, one of which (CJSC Azerbaijani Airlines) is state-run. The remaining three (Silk Way Airlines, Silk Way West, and Silk Way Business Aviation) are included in the group of companies Silk Way Holding. ----08B
Economics
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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.
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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.
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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.
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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.
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