Aeroflot cargo revenue up 17% while group returns to profit

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Aeroflot’s cargo revenue has increased by 17.5 per cent in the first half of 2016 while the airline returned to profit.

Cargo revenue rose by 17.5 per cent to 5.2 billion roubles ($80 million) in the first half of 2016 while the airline made a profit of 2.4 billion roubles compared to a 3.5 billion loss in the same period of 2015. Total revenue also increased by 26.8 per cent to 223.8 billion roubles.

Aeroflot deputy chief executive officer for commerce and finance, Shamil Kurmashov says: “Continued optimisation across Group companies as well as the revaluation of investments resulted in additional one-off costs, but nevertheless Aeroflot Group delivered net profit of RUB 2,467 million versus a net loss of RUB 3,541 million a year earlier.”

“Our focus is on maintaining our current trajectory, and we hope that the positive net income in the reporting period will boost the financial outcome for the full year, allowing us to resume dividend payments to PJSC Aeroflot shareholders.”

Total operating costs increased by 17.6 per cent to 200.5 billion roubles, with staff costs rising by 13.9 per cent to 31 billion roubles, partly due to hiring over 4,000 former Transaero staff. Operating lease costs also increased by 42.2 per cent to 28.3 billion roubles due to exchange rate fluctuations and fleet expansions.