Russia’s UTair reports US$10.7m net loss in H1
UTair Airline reported H1 2016 net loss of RUB684.9m (US$10.7m), narrowed from the carrier’s RUB1.77b loss in H1 2015. Revenue rose 13.5% YOY to RUB33.7b. Operational costs increased 20% YOY to RUB32b. The airline’s operational profit for the first half fell 43.8% YOY to RUB1.7b. “UTair continues to realise its restructuring program focused on cost reduction, productivity increases and the continued optimisation of its aircraft lease portfolio,” the airline stated. H1 2016 interim financial statements assume the company will continue on a going concern basis despite having negative equity of RUB11.8b, short-term assets exceed short-term liabilities by RUB2.8b. The company benefits from a number of the Russian govt guarantees that allowed it to restructure its financial liabilities over a number of years. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-09-02/unaligned/russia2019s-utair-reports-us-10-7m-net-loss-in-h1
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Russia’s UTair reports US$10.7m net loss in H1
UTair Airline reported H1 2016 net loss of RUB684.9m (US$10.7m), narrowed from the carrier’s RUB1.77b loss in H1 2015. Revenue rose 13.5% YOY to RUB33.7b. Operational costs increased 20% YOY to RUB32b. The airline’s operational profit for the first half fell 43.8% YOY to RUB1.7b. “UTair continues to realise its restructuring program focused on cost reduction, productivity increases and the continued optimisation of its aircraft lease portfolio,” the airline stated. H1 2016 interim financial statements assume the company will continue on a going concern basis despite having negative equity of RUB11.8b, short-term assets exceed short-term liabilities by RUB2.8b. The company benefits from a number of the Russian govt guarantees that allowed it to restructure its financial liabilities over a number of years. <br/>
