UTair posts 42% increase in 2012 net income

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UTair Group has increased net income by 42% in 2012 on the back of strong growth in sales.

The company posted profits of Rb370 million ($12 million), up Rb109 million from 2011, under the Russian accounting standards.

It says sales revenue rose almost 34% to Rb72.5 billion.

In 2012, UTair carried 8.52 million passengers, of which 7.77 million were transported on mainline domestic and international routes.

UTair says it is considering a variety of options to fund future growth, including a qualified institutional placement, a global depositary receipt (GDR), and the issuance of foreign currency convertible bonds.