Aeroflot posts 2013 results

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By TESTCustomwebLP TESTCustomwebLP March 12, 2014 10:52

Aeroflot posts 2013 results

Aeroflot Group has posted an increase of 41.9% full year 2013 net income over the 12 months to end December 2013 to RUB 7,334.7 million (US$203.3 million. Full year 2013 revenue rose by 15% year-on-year to RUB 290,955.8 million (US$9,135.7 million). This increase in revenue was driven primarily by an 18.0% rise in passenger revenue. The passenger revenue growth was partially offset by a 13.5% decline in cargo revenue following Aeroflot’s decision to discontinue its dedicated cargo fleet. Other revenue increased 5.4% y-o-y to RUB 33,410.1 million. Full year 2013 traffic revenue increased 16.4% to RUB 257,545.7 million (US$8,086.7 million. Fuel costs increased by 11.2% to RUB 79,127.8 million (US$2,484.5 million as a result of the significant increase in passenger traffic, a bigger fleet and new destinations. Nonetheless, fuel costs grew slower than traffic revenue (16.4%) and passenger traffic (14.3%).

Operating costs excluding aircraft fuel, staff costs and depreciation and amortization for full year 2013 increased 9.9% to RUB133,354.0 million (US$4,187.2 million).

Operating income rose 78.0% to RUB 19,794.8 million, implying a 6.8% operating income margin in 2013 versus 4.4% in 2012.

Full year 2013 basic and diluted earnings per share (EPS) were both RUB 7.6 (US cents 23.9), which is 15.2% higher than basic EPS in 2012 and 16.9% higher than diluted EPS in 2012.

“Aeroflot is the dominant leader in the Russian aviation market. In 2013 Aeroflot Group grew faster than the industry overall, posting a 14.3% rise in passenger traffic. Revenue and net income also increased. This was driven primarily by an improved cost structure including improving fuel costs as new fuel efficient aircraft were phased in, strong labour productivity and continued successful integration of subsidiary airlines,” said Vitaly Saveliev, Chief Executive Officer of Aeroflot.

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By TESTCustomwebLP TESTCustomwebLP March 12, 2014 10:52
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