PJSC “UTair Aviation” Publishes 1H 2017 Financial Report according to RAS
PJSC “UTair Aviation” has completed preparation of the reporting for the first six months of 2017 made in compliance with the Russian Accounting Standards (RAS).
In the current conditions of production capacity expansion, in view of toughening competition in the industry, UTair revenue totaled RUB23.1bn while operational financial result was -2.4 billion roubles which was compliant with the approved business plan.
Over the reporting period, liquidity indicators important for the aviation industry show high level of solvency of UTair. Quick liquidity ratio was 1.7, current liquidity ratio reached 2.0 meeting the normative industry requirements (not less than 1 and 1.15, respectively). The increase in asset turnover as compared to the H1 2016 indicates the acceleration of asset reproduction.
Commenting on the totals of UTair operation in the first six months of the current year Igor Petrov, First Deputy General Director and CFO, noted that the planned loss occurred due to seasonal specifics and increased cyclic expenses for maintenance of aircraft airworthiness during the reporting period.
Over the first six months of 2017, UTair airplanes transported 3,272,530 passengers, 15.9% more than over the same period of the last year. Passenger traffic increased by 16.7% to 5,327,184,000 pkm against the results of the last year, and seat occupancy rate grew by 4.5 p.p. to 71.5%.
UTair Aviation is the core enterprise of UTair Group including companies that perform aircraft (fixed-wing and rotary-wing) operations and enterprises for aircraft R&M, personnel training, rendering and sale of flight services.
In the first half of 2017, UTair aircraft transported 3,272,530 passengers, which was 15.9% more than over the same period of the last year. UTair is one of the major airlines of Russia. Our airline flies to 170 destinations, including 65 available only to UTair passengers.
UTair aircraft fleet includes 65 airplanes. Vnukovo International Airport in Moscow is our main hub, where over 160 UTair flights are scheduled daily. UTair Group is headquartered in Surgut. UTair has been included in IOSA Registry since 2008.