Transaero Airlines Announces IFRS Results for January-June 2013
OREANDA-NEWS. Transaero Airlines has announced its financial results under International Financial Reporting Standards for the first six months of 2013. The results demonstrate strong and sustainable growth in key performance indicators and a stable financial position.
Transaero’s IFRS statement shows significant growth in operational income and profitability as well as in net profit. This has been achieved by creating a high quality product including a constantly renewed and growing fleet, a broad route network, a high quality of service (the airline offers five levels of passenger service) as well as the highest flight safety level by international standards.
In January-June 2013:
net profit reached 464 million rubles, a 69% increase over January-June 2012
operating profit amounted to 4,144 million rubles, a 14% increase over the same period in 2012
The company recorded a stable increase in cash-flow from operating activities. Cash-flow grew by 3.1 billion rubles in the first six months of 2012 and 5.5 billion rubles in January-June 2013.
The IFRS statement confirms the results reported under Russian Accounting Standards (RAS) with respect to the high rate of growth in revenue. Revenue from air operations and other airline services represented 45,512 million rubles in the first siх months of 2013, an 18% increase over 38,644 million rubles in January-June 2012.
Income before tax under IFRS amounted to 611.1 million rubles in January-June 2013 and 275.3 million rubles in the first six months of 2012.
Transaero Airlines performed strongly in this period. Passenger turnover grew by 21% in the first six months of 2013 to 21.9 billion RPK. Transaero set records in June and May of 2013 when the airline outperformed other Russian airlines in terms of passenger turnover on international routes according to the Transport Clearing House.
Number of passengers transported grew to 5.5 million in the first six months of 2013, a 26% increase over the same period of 2012.
The passenger load factor in January-June 2013 was 83.5%, the best result among Russia’s top five carriers.
In the first six months of 2013 Transaero took the leading position among Russian airlines in terms of cargo turnover on domestic routes.
Transaero Airlines’ fleet expanded with six more aircraft (from 94 to 100 aircraft).
Olga Pleshakova, CEO of Transaero Airlines, said: “Over the first six months of 2013 the airline has demonstrated significant growth in key performance and financial indicators. The company’s operational growth significantly exceeds the industry average, while its revenue and net profit show the company’s financial strength. Both IFRS and RAS results demonstrate the airline’s robust financial position. The financial statement confirms that Transaero’s strategy and tactics are the right ones for the market”.
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