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Company News

03 June 2010

Aeroflot’s IFRS Net Income Grows More Than 3.5 Times in 2009

June 03 2010, Moscow. – Under the International Financial Reporting Standards IFRS, net income of the Aeroflot Group in 2009 reached $85.8 million USD, which is 261% higher than the 2008 figure.

The slowdown in the Group’s expenditures outpaced that in revenues. In the fiscal year 2009, the Aeroflot Group managed to cut operational costs by 28.2% ($3,068.1 million USD), while consolidated income decreased by 27.3% ($3,345.9 million USD)

EBITDA margin grew 14% compared to 11% in 2008, though EBITDA dropped 10.7% to $461 million USD.

Aeroflot’s Deputy CEO for finance and investment Shamil Kurmashov pointed out that the increase in net income and EBITDA margin of the Aeroflot Group had been enabled by the Group management taking steps to improve efficiency, as well as the market demand for air services starting to recover.