Aeroflot posts 9M 2010 Net Profit of $ 281million

Russia’s largest airline, Aeroflot, has posted a 9M net profit of $ 281 million under IFRS.

The bottom line is up by 65% from the $170 million net result posted for 9M 2009, with 9M EBITDA up 43% year on year to $614 million, as 9M Revenues grew by 28% from a year earlier to $3.160 billion.The company mostly attributed the better net result to a 30.4% increase in passenger footfall and 34% increase in passenger turnover, and noted it had reduced net debt by 16% to $1.490 billion since the start of the year. Vitaly Saveliev General Director Aeroflot was upbeat with the results saying they reflected managements focus on greater efficiency. “The financial results for the first 9 months of 2010 are reflecting the right strategic course taken by the management of Aeroflot, focused on efficiency improvements and cost reductions.”