UTair’s net income for six months of 2012 increases 2.8 times

UTair Aviation has reported its results for the first half of 2012 in accordance with the Russian Accounting Standards (RAS).

Revenues for the first six months of 2012 increased 31% compared to the first half of 2011, amounting to 27.2 billion rubles. With the continued growth of fuel prices the airline has paid special attention to the balance of costs. Income from sales increased 18.7% to 1.3 billion rubles.

Net income in the first half of 2012 increased 2.8 times and amounted to 225.6 million rubles. Passenger turnover increased 1.46 times in comparison with the first half of 2011, the airline’s helicopters logged 26.9% more flight hours. In January – June 2012 UTair Group’s aircraft carried 3,883,009 passengers, which is 40.9% higher than in the same period of 2011.

Evaluating the company’s results in the first half of this year, the First Deputy General Director – Chief Financial Officer Igor Petrov noted that positive results were achieved due to coordinated actions of management and staff in implementing programs to reduce costs and increase profitability, thereby strengthening the position of the airline in the top three industry leaders despite the highly competitive airline market.