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01 Sep 2015

BY Edward Robertson

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Aeroflot announces both operating profits and net loss increases

Aeroflot has posted a large increase in its net loss despite an improvement in operating profit in its financial results for the six months ended June 30 2015.

Russian flag (stock)

Its net loss was RUB 3,541 million (£35.4 million), while its operating profit was RUB 5,866 million (£58.5m) compared to a loss of RUB 1,384 million in the first half of last year.

 

Group passenger traffic increased by 14% year on year, with the domestic sector showing the largest growth at around 33%, which helped the group to a 5.8 per centage point increase in market share.

 

The flag carrier was boosted by the roll-out of Russia’s first low-cost carrier Pobeda and also picked up routes and frequencies dropped by foreign airlines.

 

Revenue was up nearly 26% to RUB 176,467 million (£1,756m).

 

“Our focus on the high-growth domestic market paid off with strong increases in group traffic,” said Shamil Kurmashov, Aeroflot deputy CEO for finance and network and revenue management. He added that the airline had also been concentrating on fleet optimisation and cost cutting.

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