Uzbek President Shavkat Mirziyoyev has said that Uzbekistan Airways (HY, Tashkent International) is losing USD120 million in annual revenue due to operational inefficiencies, according to a presidential office communiqué.

Citing an assessment by US-based investment management firm Franklin Templeton, the president said the airline was losing revenue because of suboptimal route planning, long intervals between flights, frequent delays, and a lack of competition in catering and aircraft maintenance services.

The claim differs from a June 15 statement by the president's office on Franklin Templeton's review of the carrier. That release said implementing a 115-measure transformation programme could increase Uzbekistan Airways' annual operating profit by USD120 million, rather than saying the airline was currently losing that amount in revenue.

Franklin Templeton manages the Uzbekistan National Investment Fund (UzNIF), which holds a state-owned stake in the carrier. Its assessment said the reforms could boost the airline's market value by around 40%, from USD1.6 billion to USD2.3 billion.

The transformation project is intended to prepare Uzbekistan Airways for an international Initial Public Offering (IPO) of a stake of 15-20%. The government had targeted the end of 2026, but deputy prime minister Jamshid Kuchkarov said on June 29 that the listing was now planned for 2027.

Uzbekistan Airways operates 44 aircraft, comprising nine A320-200s, ten A320-200Ns, five A321-200NX(LR)s, two ACJ320-200s, six B767-300ERs, two B767-300ER(BCF)s, seven B787-8s, two Il-76TDs, and one Pilatus PC-24, according to ch-aviation fleets data. It serves 70 destinations in 27 countries.