Aeroflot - Russian Airlines RAS net profit up by 56% y/y in Jan-Sep.

By bne IntelliNews November 16, 2010
The RAS net profit of the domestic air carrier Aeroflot - Russian Airlines amounted to RUB 11.8bn (USD 383mn) in Jan-Sep 2010, up by 56% y/y, the company announced. In Q3/10 alone, company's net profit more than doubled q/q to RUB 7.9bn vs. net profit of RUB 3.4bn seen in Q2/10. Aeroflot attributed the rise in net profit to growing passenger turnover and unfreezing CHF 53.4mn on Aeroflot accounts by Swiss authorities (the funds were frozen due to the court case on alleged misappropriation initiated by exiled Russian tycoon Boris Berezovsky). Company's revenues in the reporting period went up by 24% y/y to RUB 82.7bn. As reported, in 2009 company's RAS net profit went down by 73% y/y to RUB 1.55bn and in H1/09 it increased by 48% y/y to RUB 3.33bn. Aeroflot is the country's largest airline in terms of passenger traffic, accounting for 51% of Russia's international and of domestic flights.

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