Russia’s air flagship, Aeroflot, has posted a 1H 2009 Net Profit of $14.1 million under IFRS.
The bottom line is down 80% on the $72 million Net Profit posted for 1H 2008, with Revenues falling 32% year on year to $1.456 billion.
The slump in net result was attributed to the economic downturn and an accompanying drop in passenger numbers, despite a 32% cut to operational costs, by Shamil Kurmashov,Aeroflot's deputy general director for finance and investment.
"The decrease in net profit was driven by a drop in the population's spending power and total business activity."