Aeroflot boosts RAS earnings 90% to 5.3 bln rubles in 2019
MOSCOW. Feb 4 (Interfax) - Aeroflot boosted its net profit 90% in 2019 under Russian Accounting Standards (RAS), to 5.3 billion rubles, the company said.
Sales revenue rose 9.3%, to 551.8 billion rubles, due to "increased operational volumes and FX fluctuations (in 2019 the ruble appreciated against the euro by 2.0% year-on-year, and depreciated against US dollar by 3.2%)," according to the statement.
Overall costs grew 8.7%, to 543 billion rubles, driven mainly by a 21% increase (to 12.786 billion rubles) for airport fees and servicing as passenger volumes and servicing charges rose at Russian airports.
Fuel costs grew 1.5% as flight time increased 7%. Fuel prices were considerably above the historical average throughout the year, Aeroflot said.
In Q4, the company suffered a net loss of 1.96 billion rubles, about 85% less than its net loss a year before. Revenue grew 5.1%, to 129.6 billion, while cost of sales fell 4.5%, to 130.6 billion. "Cost of sales in Q4 2019 decreased by 4.5% due to ongoing optimisation measures coupled with the strengthening of the ruble against US dollar," the statement reads.