Russian carrier UTair has slashed its number of employees by 44.5% compared the year to March 2015. In its quarterly results, the airline shows that its wage bill has declined by 41.3% compared to the same period last year. The airline states that it is experiencing economic difficulties as the decline in the value of the ruble against the dollar increases operating costs and has deterred tourists from travelling abroad.
UTair’s total debt is estimated to be 170 billion rubles (US$3.4 billion).