UTair swings to net loss of 2.48 bln rubles in 9M
MOSCOW. Nov 13 (Interfax) - UTair posted a net loss of 2.48 billion rubles in January-September 2015 under RAS compared with a net profit of 9.2 million rubles in the same period last year, the company reported.
Revenue fell 29.9% to 38.59 billion rubles in the nine months. Gross profit declined 8.8% to 1.83 billion rubles.
Short-term liabilities totaled 105.34 billion rubles as of the end of the period, up from 75.74 billion rubles as of December 31, 2014. Long-term liabilities fell to 12.109 billion rubles from 28.035 billion rubles.
UTair's financial situation has deteriorated as passenger traffic has declined. In the middle of the summer last year, the airline announced the launch of a cost-cutting program that stipulated a reduction in administrative personnel, optimization of the airline's routes and a reduction in the time to service passengers.
UTair is a leading Russian airline and one of the biggest commercial helicopter operators in the world.