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Company News

30 July 2002

Aeroflot net profit for 2001 amounted to 20 million dollars

Net profit of Aeroflot – Russian Airlines joint-stock company for 2001 according to the international account standards (IAS) amounted to 20.1mln dollars compared to 8.6mln dollars in 2000. Principal activity incomes for the last financial year increased to $.22bn compared with $1.07bn in 2000. Proceeds increase in comparison with 2000 amounted to 11%.

Not only incomes of the airline company increased but also its costs. Transaction costs increased from $1.32bn in 2000 up to $1.52bn in 2001. It’s explained by wage growth by 34% and also by increase of costs on airplanes operation and fuel.

There was Aeroflot indebtedness decrease: accounts receivable decreased from $432.8mln to $382mln, and bills payable decreased from $257.9mln to $241.9mln.

In 2001 18 unprofitable directions were closed, and on the rest directions flight frequency was increased. Passenger seats occupancy amounted to more than 65% (in 2002 this rate is to be increased to 68%). Last year the airline company accounted on first-class and business-class passengers. Passengers of the kind in European flights increased to 19% of the total volume.

The totals obtained are the result of carrying out Aeroflot strategy directed on flight system optimization, airplane fleet modernization and an improvement of the company’s commercial efficiency.