Aeroflot H1 IFRS net losses widen 85.9% to 3.54 bln rubles, better than forecast
MOSCOW. Aug 31 (Interfax) - Aeroflot Group posted net losses to International Financial Reporting Standards (IFRS) amounting to 3.541 billion rubles in H1 2015, which is 85.9% more year-on-year, the company said in a statement.
The company's revenue in the reporting period was 176.467 billion rubles, which is 25.8% more than the figure for the same period of 2014.
Aeroflot's earnings before interest, taxes, depreciation and amortization (EBITDA) were 13.311 billion rubles in H1 2015 against 5.03 billion rubles a year earlier.
Analysts from investment companies and banks that were questioned by Interfax last week forecast the growth of net losses at 230% to 6.319 billion rubles. Revenue was expected at 173.518 billion rubles.
Overall debt fell 2.6% during H1 2015 to 169.72 billion rubles.
Fuel costs rose 11.1% year-on-year to 4.714 billion rubles as the ruble weakened and passenger volumes increased.
Passenger and aircraft servicing costs rose 24.5% to 34.516 billion rubles, due also to changes in the ruble's exchange rate. Labor costs rose 12.1% to 27.235 billion rubles.
