Aeroflot has announced its its financial results for the third quarter (Q3) and nine months (9M) ending September 30 2020 in accordance with Russian Accounting Standards (RAS). RAS results are presented on a non-consolidated basis.
Andrey Chikhanchin, Aeroflot deputy CEO for commerce and finance, said: “In Q3 2020 Aeroflot Group carried 10.1 million passengers, 3.8 million of whom flew with Aeroflot airline. Taking into consideration all the operational and economic challenges currently facing the aviation sector, our gradual restoration of passenger traffic, driven primarily by the domestic market, is being achieved in a financially prudent manner. Firstly, the passenger load factor continued to trend upwards.
“Secondly, despite market headwinds, we were able to sustain Aeroflot airline yields at levels comparable to previous year.
“Thanks to growth of passenger numbers in the third quarter, Aeroflot increased revenue quarter-on-quarter by RUB 34.4 billion, while cost of sales increased by RUB 21.3 billion. As a result, the gross loss declined by RUB 13.1 billion. These metrics clearly support our balanced approach to restoring capacities, striking a balance between passenger numbers and our financial results, as well as the results of numerous optimisation initiatives and strict cost control.”