Russian carrier Transaero Airlines managed to raise first-half profits despite exchange rate losses due to the weakening of the ruble.
Profit before tax increased by 41% to 864,313 thousand rubles.
The airline’s net profit amounted to 750,471 thousand rubles, up 61%. The amount of net profit for the first six months of 2014 was nearly the same as net profit for the whole of last year.
Profit growth was the result of a focus on the most cost-efficient routes, an increase in revenue from cargo and cost cuts.
Chief executive Olga Pleshakova said: “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’.
“These positive results prove that the airline’s strategy was correct. Credit can be given to the Russian state authorities for supporting the aviation industry on the decision on duties within the Customs Union (Russia, Belarus and Kazakhstan), introduction of non-refundable air fares, changes to luggage allowance and the approval to employ foreign pilots for Russian airlines.
“Transaero will continue to work in accordance with our chosen strategy and plans.
“Our priorities will remain to improve efficiency, reduce costs and enhance products the products we offer.”