UTair first half net profit up 14 %

Russia's UTair airline saw its first half 2011 net profit jump 14 percent year-on-year to $23.6 million to IFRS, the company said in a statement on Wednesday. The company's revenue grew 15.8 percent in the first six months of 2011 to $780.995 million, while pre-tax profit stood at $26.4 million, a 13.7 percent increase year-on-year. The company's earnings per share rose to $0.04 from $0.03 in the same period last year. The airline also said  it had signed a $100 million loan agreement for five months with Khanty-Mansiisky Bank. "The funds will be used to finance...air fleet upgrade and replenishment. The loan was granted without the provision of any collateral," the firm said. The Russian subsidiary of Italy's UniCredit also opened a two-year unsecured credit line worth $43 million for the company in September 2011.   UTair is the Russian market leader for helicopter services and has the largest aircraft fleet (including helicopters) of any Russian airline.