Aeroflot flies back into profit

AFP, MOSCOW:  Russia’s flagship carrier Aeroflot said yesterday it had piloted a return to profit after reining in its costs and enjoyed an ascent in passenger numbers among its company airlines.
The majority state-controlled company posted a net profit of 2.5 billion rubles (34 million euros, $38 million) for the first half the year, compared to a loss of 3.5 billion rubles a year earlier.
Russia’s aviation industry has struggled in the face of the country’s economic crisis caused by falling oil prices and Western sanctions imposed over Moscow’s actions in Ukraine hitting travellers’ wallets.
The collapse of the ruble has also inflated certain costs, especially in aircraft leasing.
Aeroflot, which also operates Rossiia and Pobeda airlines, has also cemented its leading position after the economic trouble saw Russia’s second-biggest carrier Transaero stop flying last October due to financial problems.
From January to June, Aeroflot’s passenger volume accelerated by more than 10 percent to 19.7 million passengers, sending sales soaring by 27 percent.
EBITDA (earnings before interest, taxes, depreciation and amortisation), a measure of the company’s operating performance, more than doubled to reach 30 billion rubles.

Aeroflot flies back into profit

AFP, MOSCOW: Russias flagship carrier Aeroflot said yesterday it had piloted a return to profit after reining in its costs and enjoyed an ascent in passenger numbers among its company airlines. The majority state-controlled company posted a net profit of 2.5 billion rubles (34 million euros, $38 million) for the first half the year, compared to a loss of 3.5 billion rubles a year earlier. Russias aviation industry has struggled in the face of the countrys economic crisis caused by falling oil prices and Western sanctions imposed over Moscows actions in Ukraine hitting travellers wallets. The collapse of the ruble has also inflated certain costs, especially in aircraft leasing. Aeroflot, which also operates Rossiia and Pobeda airlines, has also cemented its leading position after the economic trouble saw Russias second-biggest carrier Transaero stop flying last October due to financial problems. From January to June, Aeroflots passenger volume accelerated by more than 10 percent to 19.7 million passengers, sending sales soaring by 27 percent. EBITDA (earnings before interest, taxes, depreciation and amortisation), a measure of the companys operating performance, more than doubled to reach 30 billion rubles.