Air Astana reported second-quarter net profit of $16.5 million, up 7% over the year-ago period. The airline said the results were a rebound after the year’s first quarter was adversely affected by the 19% devaluation of the Kazakh Tenge in February.

“Markets have not been as affected as severely as expected by regional currency and political issues and are showing resilience,” Air Astana president Peter Foster said. “Having further reduced unit cost by 6%, we are expecting a strong performance in the third quarter and expect to again finish the year profitably, despite the $48 million book loss we were obliged to incur when the Tenge was devalued. Our investment and aircraft acquisition programs are proceeding as planned.” 

Second-quarter revenue rose 4% to $230 million year-over-year. Operating profit was $26.3 million, up 24%.

Air Astana carried 939,000 passengers in the second quarter and took delivery of three Airbus A320s and one Boeing 767-300ER.

The Kazakhstan-based carrier recently launched 3X-weekly service from London Heathrow to Astana, following the lifting of safety restrictions by the European Union.