Passengers up by 62% (219 words)

Published: 3/5/2001

Tyumenaviatrans, Russia's largest civil helicopter operator and the fifth-largest airline, based in Surgut, has reported an impressive improvement in its operating results for 2000, following a 226% revenue improvement at the end of the first half. Full year figures showed an increase of 106% in revenues, to $72m.

The improvement is largely attributable to the following factors:

· High oil prices boosted demand for helicopter services from the local oil industry

· Higher demand for passenger services to and from the region by residents and business benefiting top line growth

· Better utilisation of the airline's fleet improving operating performance

· Strong growth in dollar denominated UN helicopter contracts

Moscow based investment bank United Financial Group expects the airline to make a $8-$10m net profit under Russian Accounting Standards (RAS) for 2000.

Article ID: 2391