S7 Airlines net profit tripled- businesses back on-track

Monday, November 30, 2020

Russian carrier Sibir Airlines in net profit in 2016, tripled than the previous year. The airline’s revenue increased by 31.5% to 108.111 billion rubles, as per the company’s annual financial report made to the Russian accounting standards. S7 and its sister company Globus are subsidiaries of S7 Group. The parent company is yet to release the 2016 financial results for Globus. TASS newswire reports, however made it official that S7 Group co-owner Natalia Fileva, is expected to enjoy financial growht, owing to excessive volumes available on the market and the ever-growing competition from railroad transport.

S7 Airlines is however planning to emphasis on internal operations this year. In particular, the carrier intends to “relaunch” its hub at Novosibirsk’s Tolmachevo airport. The airline has announced plans to take 17 Embraer E170LRs on lease in order to further develop its regional route network. Last year S7 achieved the second postion. In January and February 2017 it carried a combined 1.3 million passengers, just 1% up year-on-year.

According to Vedomosti daily, in January through March the operator ceded its position to Aeroflot Group’s subsidiary Rossiya Airlines, which had merged with sister companies Donavia and OrenAir in 2016. Following the merger and restructuring Rossiya inherited the widebody fleet of defunct Transaero Airlines; in Q1 2017 its traffic reached 1.986 million passengers, against 1.974 million carried by S7.

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