Aeroflot boosts RAS sales revenue by 30.6% to 114.45 bln rubles for 2010
MOSCOW. April 1 (Interfax) - OJSC Aeroflot - Russian Airlines increased in sales revenue according o Russian accounting standards (RAS) by 30.6% to 114.45 billion rubles for 2010 in comparison with the previous year, the company said in a statement.
The increase in revenue was driven by recovering demand for air transport, as well as the company's efforts to improve service quality, which caused an increase in sales.
Aeroflot's operational costs for 2010 came to 91.87 billion rubles. "The increase in operational costs was driven by the rising number of operations and growing prices for aviation fuel in comparison with 2009. Thanks to efforts to optimize costs, revenue increased faster than the expenditures," the statement said
Total gross profit came to 22.58 billion rubles while pretax profit totaled 15 billion rubles. "The growth was driven by more total operations, as well as 53.5 million Swiss francs received in the third quarter of 2010 following a decision of the Swiss Federal Court dated July 7, 2010 in regards to case of funds illegally appropriated from OJSC Aeroflot," the company said.
The statement said that the airlines debt burden increased since the start of 2010 to 12.34 billion rubles owing to the placement of two bond issues worth a combined 12 billion rubles and slated to mature in three years.
Aeroflot posted 12 billion rubles in RAS net profit for 2010, up 700% from 2009. The company posted 1.5 billion rubles in net profit for 2009.
Aeroflot is Russia's leading airline. The state is the main shareholder with 51.17%. The company is based out of Sheremetyevo Airport in Moscow. The airline's total fleet includes 101 airliners. Aeroflot transported 11.3 million passengers in 2010.