Aeroflot posts FY 2008 Net Profit of $37 million

Russian air flagship, Aeroflot, has posted a FY 2008 Net Profit of $37 million under IFRS.

The bottom line is down 88% from the FY 2007 Net profit of $313.4 million, with EBITDA falling 28.7% year on year to $524.6 million, on the back of a 21.2% increase in Revenues to $4.61 billion.

The company attributed the results to higher fuel prices, and losses at its Aeroflot-Cargo freight subsidiary, along with a weaker Rouble, which boosted the company’s liabilities under aircraft leasing contracts and long-term loans. However, the company remains upbeat saying the 131.5% increase in operational cash flow demonstrates its stable financial standing, despite an 11.5% fall in passenger numbers during 1H 2009.