6 Dec 2010 12:51

Aeroflot IFRS net profits soar 65% to $281 mln in Q1-Q3

MOSCOW. Dec 6 (Interfax) - Net profits at Russian flag-carrier Aeroflot - Russian Airlines increased 65% year-on-year to $281 million in Jan-Sept as calculated to International Financial Reporting Standards (IFRS), the company reported.

The group's sales revenues increased 28% to $3.160 billion over the period, while EBITDA grew 43% to $614 million.

The Aeroflot Group's total debt went up by 12% since the start of the year to $2.136 billion owing to fund raised through a bond issue coming to 12 billion rubles.

The group's net debt for January-September 2010 dropped by 16% since the start of the year to 1.49 billion rubles owing to increased cash flow and short term invest, up 389%, to $645 million.

"The increase in cash flow was the result of operations, as well as raising bond-based borrowing," the statement said.

Aeroflot's EBITDA margin moved up to 19% from 17% posted for the same period of 2009.

The group's net debt to EBITDA ratio for January-September 2010 dropped from 3.9 at the start of 2010 to 2.3.

It was earlier reported that Aeroflot increased passenger transport by 31.3% to 8.532 million persons in January-September 2010. The company's passenger throughput went up by 36.6% to 26.25 billion passenger kilometers.

Aeroflot is Russia's leading air-carrier. The government is the main shareholder with 51.17% of the company's said. Aeroflot reduced passenger transport by 5.6% to 8.755 million persons in 2009.