Transaero reports strong 1H2014 IFRS profit growth despite 'extremely challenging' environment

Transaero Airlines reported (01-Sep-2014) the following financial highlights for six months ended 30-Jun-2014 (according to IFRS):

• Revenue: RUB48,602 million (EUR1013 million), +6.8% year-on-year;
• • Cargo: RUB2034 million (EUR42.4 million), +20%;
• Operating profit: RUB6572 million (EUR136.9 million), +58.6%;
• Profit before tax: RUB864.3 million (EUR18.0 million), +41%;
• Net profit: RUB750.5 million (EUR15.6 million), +61%;
• Passenger numbers: 5.8 million, +4.8%. [more - original PR]

Transaero Airlines: "The results were achieved in an extremely challenging environment. However, the company had prepared for this. After a long period of dynamic growth the company took into account the economic headwinds. In 2012 the company adopted its cost reduction programme and in 2013 it approved a new development strategy "Rational growth, efficiency and strategic focus," Olga Pleshakova, CEO. Source: Company statement, 01-Sep-2014.