Volga-Dnepr Group first half cargo revenues soar 180pc

RUSSIA's Volga-Dnepr Group has posted record revenues for its air charter and scheduled cargo operations in the first half of 2008, after they rose by 91 per cent and 180 per cent respectively over the same period last year.

From January 1 to June 30, Volga-Dnepr Airlines' air charter operations achieved sales of US$600 million, a 91 per cent increase over the $314 million reported for the first half of last year.

Interim results also show that the group's scheduled cargo business, AirBridgeCargo Airlines (ABC) gained 180 per cent of new sales over the six month period from $117 million in 2007 to $212 million in the first half of 2008.

ABC's scheduled all-cargo services transported 62,000 tons of cargo in the first half of the year, compared to 39,400 tons for the same period a year earlier. ABC continues to expand and upgrade its fleet, most recently taking delivery of new Boeing 747-400ERF aircraft in February and April 2008. In total, AirBridgeCargo's fleet consists of seven Boeing 747 freighter aircraft, serving major points in Europe, Russia and Asia.

Alexey Isaikin, president of Volga-Dnepr Group, said in a company statement: "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."

The group's increase in income is supported by the successful development of its air cargo charter operations using AN-124-100 and IL-76 freighter aircraft. Volga-Dnepr Airlines completed 3,063 flights in the first half compared to 2,105 a year earlier. Major destinations for charter services have been the Middle East and Africa, it said.

Flights operated by the group's AN-124-100 freighters generated $463 million of total charter revenues compared to $250 million in the opening six months of 2007, while IL-76 operations saw half-year sales revenues climb to $137 million.

The group's other businesses contributed $27.6 million to the overall total revenues, the release added.