Aeroflot Russian Airlines increased its pre-tax profits almost fourfold over 2001 despite a fall in passenger numbers, as the airline benefited from its cost reduction programme. However, a profit warning has been issued for 2003 following a weak start.
The airline's results have been released after being audited to international accounting standards by Deloitte and Touche. Revenues were static at $1.6 billion, but costs fell $1.5 billion to $1.4 billion, which increased profit before tax from $40 million to $159 million. After tax and minority interests, retained profit increased by $69 million to $89.3 million.
Source: Flight International
