Transaero’s financial results under Russian Accounting Standards for the first three quarters of 2014 saw revenue from air operations increase by 6% in comparison with the same period of 2013 and reach RUB84.8bn (US$2.4bn). The airline’s cost reduction programme adopted in 2012 has delivered savings in the first three quarters of 2014, with selling costs reduced by 8% and administrative costs reduced by 15%. Despite the negative external factors including the requirement to bypass Ukraine when operating transit flights, Transaero’s profit from sales increased by 63% and reached RUB6.7bn (US$188.8m). The airline’s net profit reached RUB130m (US$3.7m). The airline has reached this result despite the significant growth of foreign exchange and forward operations losses, which amounted to RUB1.6bn (US$46.8m) in the first nine months of 2014; as a comparison foreign exchange and forward operations losses in the first nine months of 2013 were 266 million RUB (US$8.4m). The balance-sheet total reached RUB123bn (US$3.1bn).