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Banking

Airlines AeroSvit to raise fares due to fuel prices hike.

Airlines AeroSvit to raise fares due to fuel prices hike. AeroSvit and state-owned Ukraine International Airlines (UIA), the two biggest airlines in the country in terms of passenger fleet, reported the coming up  increase of cost of aviation fuel, which they plan to pass on to their customers by raising the fares. According to the companies’ officials the prices for fuel will go up by 20-25%, despite the recent price decline on the world oil and petroleum products market. AeroSvit ended 2005 with a net profit of USD 200,000 (UAH 1mn), while UIA finished the same period with USD 82,000. On a separate note, the SPF plans to privatize UIA in 2007 and already announced a tender for an appraiser to determine the real market value of 100% stake in the company.

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