Aeroflot swings to 79.4 bln rbl IFRS net loss in January–September

MOSCOW, Dec 1 (PRIME) -- Russian national flagship carrier Aeroflot posted a 79.406 billion ruble net loss in January–September against a 20.305 billion ruble net profit in the same period of 2019, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Tuesday.

Revenue plummeted by 55.3% on the year to 234.213 billion rubles in the period, and earnings before interest, taxes, depreciation, and amortization (EBITDA) plunged by 78% to 31.18 billion rubles.

“In the third quarter of 2020, Aeroflot Group carried 10.1 million passengers, including 9.5 million passengers on the domestic routes after 1.7 million passengers in the second quarter when the peak flight restrictions were present,” the company said quoting Deputy CEO for Commerce and Finance Andrei Chikhanchin.

“We may assume that gradual recovery of the group’s traffic based on the internal market in the first place is financially efficient taking into account all operating and economic difficulties of the aviation industry’s work under the current conditions, as the net loss in the third quarter, although expected due to the unprecedented impact of the pandemic on aviation and restrictions imposed on international flights, has contracted significantly as compared with the second quarter.”

(76.1999 rubles – U.S. $1)

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