Net profit of Russian airline Aeroflot fell 9 times in H1 2017

AeroflotThe net profit of Russian airline Aeroflot fell 9 times in the first half of 2017 to 872 million rubles. The revenue of the airline during the reported period increased by 2% to 198.2 billion rubles, but the cost grew by 7.5% to 188.2 billion rubles. The gross profit decreased almost 2 times to 9.96 billion rubles and the profit per share amounted to 0.79 rubles against 7.22 rubles during the previous year.

The commercial expenses for the reporting period decreased by 6.2% to 14.87 billion rubles, while management costs rose by 5% to 5.3 billion rubles.

The long-term liabilities of the company as of June 30, 2017 amounted to 14.05 billion rubles, against 17.74 billion rubles at the beginning of the year. However, the short-term liabilities of Aeroflot increased from 79.58 billion rubles to 137.9 billion rubles.

Over the six months of 2017, the airline increased transportation by 13.5% to 15.2 million passengers.

Aeroflot is the largest airline in Russia. The main shareholder of Aeroflot is Rosimushchestvo (51.2%), another 4.5% is owned by a subsidiary company Aeroflot-Finance, 3.3% owned by the state corporation Rostek, 34.8% by institutional investors, and 6.1% belong to individuals.