Air Kyrgyzstan declares its profitability, having told about the work on attracting investments

Air Kyrgyzstan OJSC is a profitable enterprise, and it currently works to attract investors, the Air Company reported when commenting on media reports and statements made by some members of the Kyrgyz Parliament.

The report says that rumors have been circulating in the media for recent time around Air Kyrgyzstan as if this air carrier has a pre-bankruptcy condition and that this air company is idle without work nowadays.

Hereinafter, Air Kyrgyzstan informs that the pre-bankruptcy condition for this airline was formed in 2010, when the airline founder in person of the Kyrgyz Altyn State Concern demanded to pay the funds invested in the development of this air company in the amount of KGS 68 million (USD 1 = KGS 68.5). At that time, the air carrier owned two An-24s, one Tu-134, one Tu-154, as well as Boeing 737-200, transferred to Air Kyrgyzstan by the court decision to pay off the debts of the Esen Air Airlines. During the transfer, the latter was already inactive and dismantled.

With the intervention of the Government of the Kyrgyz Republic, it was possible to extend the terms of payment of funds to Kyrgyz Altyn, and for two years, i.е. until 2012, the entire volume of this state concern’s claims were completely closed. In the meantime, during the same period, it was possible to purchase a Boeing aircraft for leasing.

At present, the air carrier has four aircraft, as follows:

  • Boeing 737 500 owned by the airline is idle due to technical malfunction of its engine;
  • Boeing 737 300 is leased, now it is operated in a sublease in one of the European countries;
  • Tu-154 is morally and physically obsolete so its further operation is economically unprofitable;
  • Boeing 737 200 was transferred to Air Kyrgyzstan by the court decision to pay off the debt of Esen Air.

Air Kyrgyzstan OJSC is a profitable enterprise, it currently works to attract investors. In addition, the issue of including the airline in the program of privatization of state property for 2018-2020 is being considered.

The parties interested in acquiring air carrier’s shares are available. With accounts payable of KGS 251 million, the assets of this enterprise are estimated at KGS 595 million.

Earlier in the media, there was wrong information about the salary of the Air Company’s Chairperson of the Board. His salary rate de facto amounts to KGS 71,000, taking into account the deductions to the budget, but not US $ 4,000, and he has been on leave for more than three months for health reasons.

Today, June 7, 2018 the Kyrgyz Parliament member Tazabek Ikramov recalled that, as a result of the bankruptcy of Air Kyrgyzstan, debts to employees of this air company and to the Social Fund have reached KGS 10 million. The parliamentarian believes that it is necessary to consider the issue of the responsibility of the director of this air company.

Earlier, MP Gulshat Asylbayeva said that Air Kyrgyzstan was previously profitable, as it had five aircraft. According to her, eight years ago there was a change of leadership and the airline became unprofitable, planes are being sold, employees do not receive their wages, but its director Bekturganov constantly receives a high salary.

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