OREANDA-NEWS. UTair (UTair Aviation, JSC) has announced the preparation and audit of its consolidated financial statement for 2006 under International Financial Reporting Standards (IFRS).

The airline lays particular emphasis on the preparation and auditing of its IFRS-based financial statements as an important part of its overall strategy to enhance its transparency and investment attractiveness.

UTair’s revenue from its core business stood at RUR17bn (approx. USD682.18m) in 2006, up 40.2 percent from 2005. Meanwhile, operating profit from core activities increased 25.8 percent compared with 2005, reaching RUR980.4m (approx. USD37.74m). Net profit after income tax rose 57.3 percent to RUR626.2m (approx. USD25.13m) in 2006 from a year earlier.

The group’s total asset value expanded 50.2 percent to RUR12.6bn (approx. USD505.62m), including RUR8.8bn (approx. USD353.1m) in UTair’s fixed assets.

The airline has seen positive dynamics in its operating cash flow, which amounted to RUR1.4bn (approx. USD56.18m) in 2006, twice as much as in 2005.

The airline’s statement was audited by one of the world’s leading international auditing firms, Ernst & Young.