OREANDA-NEWS. December 15, 2010. UTair Aviation has completed its transition to global accounting standards and has prepared its H1 2010 financial statement according to IFRS. The unaudited report is the first ever of its kind in UTair history.

Revenues for UTair Group in the first half of 2010 constituted more than 20.26 bln rubles. EBITDAR in the first half this year amounted to more than 10.21 bln rubles, up from 9.38 bln roubles in the first half of 2009. Net profit at the half year point came to 623 m rubles, more than twice than for the same period last year.

At the end of the first half of 2010 net leverage (net debt/EBITDAR) stood at 1.4 points, higher than for all of 2009. UTair's cover ratio for financial expenditures on EBITDAR in the first half of 2010 remained at 4.8 points, the same level as in 2009.

The valuation of UTair Group’s assets grew 13% from the beginning of 2010 and constituted more than 47.30 bln rubles while debt increased 11% and constituted 29.06 bln rubles in the half-year.