Transaero narrows first-half net losses to $57.6 million

Russia’s Transaero Airlines reported a 2015 first-half net loss of RUB3.2 billion ($57.6 million), narrowed from a RUB10.4 billion net loss in a year-ago period. First-half revenue grew 5.1% to RUB50.7 billion.

Passengers carried in the first half remained flat year-over-year—5.8 million. RPKs decreased 11% to 19.3 billion.

Transaero reported its first-half capital is negative—RUB52.6 billion—compared to a positive capital of RUB4.8 billion in the 2014 first half. Loan sums and financial lease liabilities have grown 59.6% to RUB149.9 billion from RUB93.9 billion in the year-ago half. Operational lease liabilities have increased 84.9% from RUB24.5 billion to RUB45.3 billion.

On Sept. 3, Aeroflot agreed to be involved in the restructuring of Transaero, due to its debt burden. The board decision came three days after it agreed to acquire 75% plus one share of Transaero for RUB1 (1.53 US cents).