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. 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. The transformation project is intended to prepare Uzbekistan Airways for an international Initial Public Offering (IPO) of a stake of 15-20%. 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.