Uzbekistan Airways profits fall significantly since year beginning 

From January to September, Uzbekistan Airways received 10.82 trillion soums in revenue, according to a report on the NAPP Unified Corporate Information Portal.

Compared to the same period last year, the airline’s sales increased by a quarter. At the same time, costs for providing services increased by 41% – to 9.16 trillion soums, and the company’s operating and administrative expenses exceeded 530 billion soums (+22.5%).

The carrier’s gross profit amounted to 1.65 trillion soums, decreasing by 22.3% compared to last year. After deducting operating expenses, income from core activities decreased by almost a third – to 1.198 trillion soums.

Financial income from currency fluctuations increased slightly and amounted to 1.21 trillion soums. Losses on currency dynamics decreased by 12.2%, but remained noticeably higher – up to 1.7 trillion soums.

Taking into account the changes, the airline’s income decreased more than three times – to 171.9 billion soums compared to 591.1 billion in the three quarters of last year. Of this, 28.79 billion soums were spent on paying taxes (in 2022 – 82.49 billion soums).

Uzbekistan Airways received 143.13 billion soums in profit from January to September. This is only 28% of the figure for the same period last year.

The volume of the carrier’s assets decreased to 17.69 trillion soums, falling below the level at the beginning of the year. The main reason was a decrease in the value of fixed assets due to depreciation, as well as a decrease in cash reserves.

On the other hand, the amount of the company’s liabilities is gradually decreasing and at the end of September amounted to 10.13 trillion soums (compared to 10.26 trillion soums at the beginning of the year). In particular, the volume of bank loans decreased by 655 billion soums.