First half loss for UTair

Juliette O'Neill
By Juliette O'Neill September 2, 2016 11:18

First half loss for UTair

UTair Airline has reported a net loss of RUB684.9 million ($10.7 million) for the first half of the year, which compared to the same period a year ago has narrowed from a loss of RUB1.77 billion. Revenue was up by 13.5% to RUB33.7 billion compared to a year ago but operational costs rose by 20% to RUB32 billion. As a result, operational profit fell by 43.8% to RUB1.7 billion.

“UTair continues to realize its restructuring program focused on cost reduction, productivity increases and the continued optimization of its aircraft lease portfolio,” the airline stated.

The airline management expects the company to return to sustained profitability next years and use profits thus generated to return to positive equity.

UTair A321

UTair A321

Juliette O'Neill
By Juliette O'Neill September 2, 2016 11:18