S7 Airlines ups net profit to RAS 650% in 2011
MOSCOW. April 9 (Interfax) - The airline group S7 - Sibir and Globus - flying under the trade name S7 Airlines boosted net profit to Russian Accounting Standards (RAS) 650% in 2011 to 733.5 million rubles, the company reported.
Revenue grew 13.6% to 45.26 billion rubles.
Gross profit fell from 7.82 billion in 2010 to 7.3 billion in 2011. Sales profit was also down from 4.19 billion to 3.45 billion.
Administrative expenditures increased from 1.96 billion to 2.03 billion rubles. Commercial expenditures climbed from 16.66 billion to 18.23 billion rubles.
Short-term payables increased from 2.79 billion to 3 billion rubles. Long-term liabilities were virtually unchanged at 10.3 billion rubles.
Sibir Airlines is part of the S7 group of companies. The group's main shareholders are the couple Natalia and Vladislav Filev. Globus is also part of S7. The group has 42 planes, including 29 A-320, one A-310, 10 Boeing-737 and 2 Boeing-767.