Support The Moscow Times!

Aeroflot Q3 Net up 88%

State-controlled Russian airline Aeroflot posted big increases in third-quarter sales and earnings Monday as it turned around the performance of regional airlines it bought two years ago.

Quarterly net income rose 88 percent to $543.7 million, while revenues climbed to $2.9 billion from $2.4 billion a year earlier.

The airline's shares rose by 3 percent in early trading.

In a statement, chief executive Vitaly Savelyev highlighted attractive ticket pricing, cost control and the successful integration of regional carriers bought from state defense conglomerate Rostech in 2011 as reasons for the strong showing.

Savelyev forecast record passenger numbers at Aeroflot this year. ? 

According to its latest plans, the government aims to reduce its 51.17 percent stake in the airline to 25 percent plus one share.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more