Paul Duffy/MOSCOW
Aeroflot Russian International Airlines says it is recovering from the consequences of last year's economic slide and continues to pay off its debts, including $170 million a year in lease fees on 25 Western airliners.
Chief executive Valery Okulov admits that the airline was in danger of default in December-January, but suggests that the worst times might be over.
Aeroflot posted a pre-tax profit of 1,068 million roubles ($50 million at end of year exchange rates) for last year, with a net profit of 295 million roubles after tax and unexplained extraordinary items.
Operating revenues accounted for 12,960 million roubles, out of total turnover of 18,889 million roubles. The impact of the currency's collapse last year is demonstrated by a gain of 5,060 million roubles, listed under "other income, including currency exchange gains". This is offset by a similarly headed charge of 4,584 million roubles.
As Aeroflot's accounts have been redrawn to take account of the changing currency rates, direct comparisons with previous years are difficult to make. In terms of traffic, however, passenger numbers rose by 14%, to 4.451 million, revenue passenger kilometres were up by 12.6%, to 16,449 million, while revenue tonne kilometres increased by 7%, to 1,993 million. Cargo carried fell from 92,000t to 84,600t, however.
Aeroflot's shareholder register has been transferred to a new holding company, NRK, from previous holder FRK, closely linked to ousted financial mogul Boris Berezovsky and his associates.
• Aeroflot and local authorities in Nizhne Novgorod have agreed to found a new airline, Aeroflot-Nizhne Novgorod, to serve the area. The move follows a failed takeover bid last year by Aeroflot for a local carrier that no longer operates. Aeroflot has also reached a working agreement with Dalavia, which flies from the far eastern city of Khabarovsk, to operate flights between there and Moscow using Aeroflot Ilyushin Il-62s and Dalavia crews.
Source: Flight International
