Russia’s UTair Airline has reported a 2015 net income of RUB2.27 billion ($31 million), reversed from a net loss of RUB61.66 billion in 2014. Full-year revenue fell 8.2% to RUB70.3 billion.

The carrier cited optimizing route network, cutting surplus fleet and lowering expenses for the results, which were published according to International Financial reporting Standards (IFRS).

In 2014, UTair had negative capital of RUB43.6 billion. Liabilities exceeded short-term assets by RUB86.7 billion and the airline admitted payment delays to lessors and creditors. As of Dec. 31, 2014, payment delays to lessors reached RUB5.37 billion and payment delays to creditors reached RUB15.26 billion, UTair said in the IFRS report.

However, in 2015 the company reached an agreement with its creditors and announced complete debt refinancing in January 2016. Regional governments have also agreed to take stakes in the airline.

On Dec. 31, 2015, UTair’s liabilities exceeded its assets of RUB10.75 billion and short-term liabilities exceeded current assets of RUB2.01 billion.

In 2016, UTair continues debt reconstruction to meet current economic conditions.