Business news from Ukraine

UKRAINE INTERNATIONAL AIRLINES SUSPENDS WORK OF FIVE FOREIGN REPRESENTATIVE OFFICES

Ukraine International Airlines (UIA, Kyiv) has decided to terminate the activities of structural divisions in Switzerland, Spain, Italy, Germany and Austria due to staff reductions.
This decision was made in connection with the reduction of the staff of UIA and the reduction in costs for representative offices, the company said in the information disclosure system of the National Securities and Stock Market Commission.
In particular, the UIA Supervisory Board decided to terminate the activities of UIA structural divisions in the Swiss Confederation, in the Kingdom of Spain, in the Italian Republic, in the Federal Republic of Germany and in the Republic of Austria.
As reported, UIA ceased operations of its divisions in Turkmenistan, Uzbekistan and Belarus in September.

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UKRAINE INTERNATIONAL AIRLINES TO START OPERATING KYIV-NEW YORK FLIGHTS IN SPRING 2021

Ukraine International Airlines (UIA, Kyiv) has postponed the launch of Kyiv-New York flights to the end of the low winter season 2020-2021.
“This decision is due to objective circumstances. Long-haul flights is planned in advance. All current changes in the market and forecast of their impact on the future are taken into account,” the airline’s press service said on Friday.
UIA said that the revision of Ukraine’s GDP recovery in 2020 and 2021 due to the negative impact of the pandemic on the country’s economy; deterioration of the epidemiological situation in Eastern European countries, Israel; as well as a significant deterioration of the political situation in the Caucasus, which led to the cancellation of flights to Yerevan, Baku, Tbilisi, which were supposed to provide a transit flow through Kyiv to the United States, negatively affected the forecasts for the launch of flights to New York.
“The combination of these factors, leading to a decrease in both direct traffic from Ukraine to New York and transit traffic to the United States, became the reason for revising the feasibility of restoring a direct Kyiv-New York flight in 2020,” the airline said.
UIA said that they continue planning flights based solely on object.

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UKRAINE INTERNATIONAL AIRLINES SEES UAH 304 MLN LOSS IN 2017

Ukraine International Airlines (UIA, Kyiv), a leading airline in the country, tentatively saw UAH 304.5 million of net loss in 2017 compared with UAH 387.885 million of net profit in 2016. The information is outlined in the agenda of the general meeting of the company’s shareholders scheduled for April 25, 2018.
The company’s assets as of December 31, 2017 were UAH 4.222 billion, which is 16.2% more than a year ago.
Total bills receivable grew by 6%, to UAH 1.763 billion, and uncovered loss – by 12%, to UAH 2.834 billion. Noncurrent liabilities fell by 28%, to UAH 550.9 million and current grew by 21.1%, to UAH 6.214 billion. Net worth last year rose by 12.6%, to UAH 2.542 billion.
Ukraine International Airlines was founded in 1992. It connects Ukraine with more than 50 cities and key points in Europe, Asia, America, Africa, the Middle East and the CIS countries and provides connection with the routes of partner airlines in more than 3,000 cities of the world. UIA performs more than 1,100 regular flights a week.

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