Volga-Dnepr Group / Press-center / Media Coverage

Volga-Dnepr reports record half-year revenue growth

07/23/2008

Russian airline group Volga-Dnepr continued its strong financial growth in the first half of 2008, with reported record revenue from its air charter and scheduled cargo operations, increasing by 91% and nearly 180%, respectively, towards a total group turnover of $US840m.

The group had previously reported three consecutive years of 50%+ per annum growth and, in 2007, exceeded sales revenues of $1bn for the first time in its 17-year history. For the January 1-June 30, 2008 period, Volga-Dnepr's air charter operations achieved sales of $US600m, 91% up on the $US314m reported for the first half of last year. Interim results also showed that the group's scheduled cargo business, AirBridgeCargo Airlines (ABC), gained nearly 180% of new sales over the six-month period, from $US117m in 2007 to $US212m in the first half of 2008. Alexey Isaikin, President of Volga-Dnepr Group, says, "Despite such significant challenges as unprecedented fuel prices for the airline industry, we are going to achieve record performance figures by the end of the year." Flights operated by the group's AN-124-100 freighters generated $US463m of total charter revenue - compared to $US250m in the opening six months of 2007 - while IL-76 operations saw half-year sales revenue climb to $US137m. The group's other business activities contributed $US27.6m to the overall total revenue.

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