Russia’s S7 Airlines Sees Large Increase in Profit Over Past Nine Months

Russia’s S7 Airlines announced on Tuesday that its net profit under Russian Accounting Standards almost doubled in January-September year-on-year to 157 million rubles ($5.7 million).

S7 is Russia’s largest air carrier in terms of passengers transported on domestic routes.

The company’s revenues increased 44% in the reporting period to 31.93 billion rubles ($1.16 billion) and the value of its net assets climbed 43% to 1.433 billion ($52 million).

“The airline is demonstrating the stable growth of all financial indicators, despite an increase in fuel prices throughout 2008. This is primarily linked to a growth in the number of passengers, the company’s optimized route network and the planned retirement of Soviet aircraft from its pool,” Ilya Aleksandrovsky, S7 deputy general director for finances and economic matters, said.

S7 Airlines is based in Novosibirsk, West Siberia. It was formerly known as Sibir (Siberia) Airlines. It handles scheduled passenger flights to Russian and CIS destinations, as well as international flights to Europe and countries in Asia and the Pacific.

Source RIA Novosti

Net News Publisher