Aeroflot swings to IFRS net profit of 1.83 bln rubles in 9M
MOSCOW. Nov 30 (Interfax) - The net profit to International Financial Reporting Standards (IFRS) of Aeroflot in the 9M 2015 was 1.83 billion rubles against losses of 3.56 billion rubles a year earlier, the company said.
Analysts questioned by Interfax forecasted Aeroflot's net losses of between 9.777 billion rubles and 3.298 billion rubles. Otkritie Capital analysts forecast net profit in the amount of 0.5 billion rubles.
Aeroflot's revenue in this period rose 30.8% year-on-year to 309.51 billion rubles. This is higher than the analysts' forecast, which predicted that Aeroflot's revenue would rise 26.6% to 299.542 billion rubles.
Earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 47.85 billion rubles. Analysts forecast growth of EBITDA by 56.4% to 36.852 billion rubles.
Revenue from regular passenger flights for the 9M rose 36.7% to 285.22 billion rubles. Revenue from charter flights fell 71.1% to 3.86 billion rubles.
Aeroflot's total debt as at September 30, 2015 was 196.031 billion rubles, which is 12.5% larger than it was as at December 31, 2014. The airline said in a statement that the growth of net debt occurred mainly due to the increase of loans and borrowings, and also due to the revaluation of obligations for financial leasing. Net debt rose by 10.3% to 161.88 billion rubles, the net debt to EBITDA ratio fell from 5.9 to 3.3.
Spending on jet fuel in the 9M 2015 rose by 9.7% year-on-year and amounted to 71 billion rubles, which is connected with the weakening of the ruble's exchange rate and also an increase in flights.
In addition, spending on the servicing of aircraft and spending on the serving of passengers rose by 24.2% to 56.33 billion rubles. Spending on employees' salaries rose by 6.3% year-on-year to 40.64 billion rubles.
