OREANDA-NEWS. UTair Aviation has completed its financial reporting activity for 2012 according to Russian Accounting Standards (RSBU) and announced that profit for year amounted to 72.5 bln rubles, an increase of 18.3 bln rubles or 33.9% over 2011. The increase was driven primarily by growth in air transportation sales.

The prime cost of sold goods, operations, and services in 2012 amounted to 69.3 bln rubles, exceeding 2011 overheads by 15.4 bln rubles or 28.7%. The increase in prime cost is the result of the rising value of operations and air transportation.

The increased profit going ahead of the prime cost is a result of effective cost management resulting in a gross profit increase of 3.1 bln rubles, 12.3 times larger than for the 2.9 bln ruble result for 2011.

Net profit for 2012 amounted to 369.8 bln rubles, 41.6% (or 108.7 bln rubles) more than in 2011. In 2012 UTair Aviation aggregate assets rose to 16.3 bln rubles, 8.7 bln rubles more than at the beginning of the reporting period.

The main factor driving the rise in assets value is growth of increased financial support for existing investment programs.

Long term liabilities for 2012 came down to 10.9 bln rubles as a result of transferring liabilities for loans into the short term category with maturity dates under 1 year. UTair Aviation short term liabilities amounted to 36.7 bln rubles.

More information about UTair Aviation's 2012 Russian Accounting Standards Report can be found by visiting the UTair official web site.

UTair Aviation ranks among the top three Russian airlines. In 2012 UTair aircraft transported 8,582,681 passengers. The airline operates more than 200 fixed wing aircraft and performs flights to 110 destinations. The airline maintains its central hub at Vnukovo International Airport in Moscow, from which it performs 100 flights daily.