News ID: 259824
Published: 0351 GMT October 06, 2019

Iran Air posts operating profit despite US sanctions

Iran Air posts operating profit despite US sanctions

Iran’s flag carrier, Iran Air, reported an operating profit for the Iranian calendar year ending March 20, despite a surge in aviation costs in the country as a result of US sanctions.

Shahram Adamnejad, the deputy minister of roads and urban development said Iran Air posted the unspecified profit during an annual shareholder meeting held on Saturday in Tehran, Press TV reported.

Iran Air is expected to announce increased revenues for the current Iranian year mainly because of accommodating a large number of flights transferring Iranian pilgrims to Saudi Arabia for the Hajj season in September.  

The company announced during the busy travel season that it had scrambled technicians and engineers to keep planes airworthy despite sanctions that ban using foreign companies for maintenance services.

Despite a US ban on its purchase of 200 aircraft from Airbus, Boeing and ATR, Iran Air has pressed ahead with an ambitious fleet expansion program as it seeks buying planes whose sales are not affected by the sanctions.

It said last year any offer from companies based in Russia and in non-European countries to deliver new planes would be welcome.

Adamnejad said that an operating profit recorded for Iran Air, at a time of “increased costs and oppressive sanctions” was a result of better performance in fields including ticket sale, cargo, engineering, ground services and cost control.

“It is expected that through implementing fleet expansion programs at Iran Air and increased sale revenues for the company, its profit-making run could accelerate several times,” he said.

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