Russia’s UTair widens net loss in 1H
UTair Aviation reported a 2017 first-half net loss of RUB3.7b (US$62.6m), widened from RUB684.9m in the year-ago period. First-half revenue fell 5% to RUB32b and operating loss was RUB8m, reversed from a RUB1.7b profit in 1H 2016. The carrier reported negative equity of RUB6b, which remained flat compared to the year-ago half. The company did not comment on reasons for the losses. From January-July 2017, the airline carried 4m passengers, up 13.2% year-over-year . According to the airline’s 1H 2017 financial report, forward ticket sales grew from RUB1.6b to RUB5.8b YOY, suggesting that either the company has improved its sales strategy or increased the number of cheap tickets sold forward. At the same time, its cash on account decreased from RUB4.3b to RUB2b YOY. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-09-08/unaligned/russia2019s-utair-widens-net-loss-in-1h
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Russia’s UTair widens net loss in 1H
UTair Aviation reported a 2017 first-half net loss of RUB3.7b (US$62.6m), widened from RUB684.9m in the year-ago period. First-half revenue fell 5% to RUB32b and operating loss was RUB8m, reversed from a RUB1.7b profit in 1H 2016. The carrier reported negative equity of RUB6b, which remained flat compared to the year-ago half. The company did not comment on reasons for the losses. From January-July 2017, the airline carried 4m passengers, up 13.2% year-over-year . According to the airline’s 1H 2017 financial report, forward ticket sales grew from RUB1.6b to RUB5.8b YOY, suggesting that either the company has improved its sales strategy or increased the number of cheap tickets sold forward. At the same time, its cash on account decreased from RUB4.3b to RUB2b YOY. <br/>
