Russia's bankrupt KrasAir lost US$105 million in Q3

THE reported net loss of Russia's KrasAir, before its demise November 1, amounted to RUB2.9 billion (US$105 million) from January to September against a net profit of RUB9.7 million in the corresponding period of 2007, reported www.dars.ru Russian Transport Daily.

KrasAir and other fleets in AiRUnion were grounded in the summer as further credit fuel was refused to debt-ridden airlines. To add to the difficulties a pilot strike and further refusal to refuel aircraft on credit during the months of September and October.

KrasAir's gross loss stood at RUB2 billion in contrast with a gross profit of RUB1.9 billion in the first nine months of last year.

Source: Shipping Gazette