UTair Airlines boosts RAS net profit 23% in H1
MOSCOW. Aug 14 (Interfax) - Air carrier OJSC UTair increased its net profit to Russian Accounting Standards (RAS) by 23.3% year-on-year to 278.3 million rubles in the first half of 2013, the airline said in a report.
Revenues grew 6% to 28.7 billion rubles.
UTair generated a 1-billion-ruble gross loss in the six-month period, compared to 1.3 billion rubles in gross profit a year earlier. Other incomes soared 49% to 16.2 billion rubles, and other expenditures climbed 20% to 13.3 billion rubles.
As of June 30, UTair had reduced its accounts payable from 14.1 billion rubles six months ago to 12.8 billion rubles. Receivables expanded from 29.7 billion rubles to 34.9 billion rubles.
In 2012, UTair boosted net earnings to RAS by 41.6% to 369.8 million rubles and revenues by 34% to 72.5 billion rubles.
The UTair Group includes the same-named airline, as well as UTair-Express, UTair-Ukraine, UTair-Cargo, OJSC Nefteyugansky, Turukhan, Helisur, UTair Europe s.r., UTair South Africa Ltd, Vostok and UTair India. The company's fleet contains over 210 aircraft and more than 340 helicopters.
