Aeroflot reports $491 million profit in 2011

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Published: May 21, 2012

Aeroflot A330. Courtesy, Airbus

Russia’s Aeroflot (SU) has reported a 2011 profit of $ 491 million, up 94% from a $ 253 million profit in the year-ago period. Revenue rose 25% to $ 5.3 billion and traffic revenue increased 21% to $ 4.5 billion. Operating costs rose from $ 2.9 billion to $ 4 billion year-over-year.

The airline said the results, in accordance with International Financial Reporting Standards, were due to the growing number of passengers. It also sold shares in several subsidiaries, including Moscow Insurance Company, Nordavia Airline and Sheremetyevo Refueling Complex, among others.

“The aggregate gain on disposal related to mentioned transactions recognized income is $ 424 million,” SU said in a consolidated financial statement.

In 2011, SU carried 14.2 million passengers, up 25.6% compared to the year-ago period ( ATW Daily News, Feb. 10 ). The carrier’s fleet exceeds 100 aircraft and includes 15 Airbus A319s, 43 A320s, 18 A321s, 14 A330s, nine Boeing 767s, six Ilyushin Il-96-300s and eight Sukhoi SSJ100s.

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