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Corporation Tax Drop Leads To Aeroflot Profit Rise

Aeroflot has said that 2001 profit doubled as Russia's national airline benefited...

Aeroflot has said that 2001 profit doubled as Russia's national airline benefited from lower taxes and boosted revenue by cutting unprofitable flights.

Net income rose to $20.1 million, up from $8.6 million in 2000, according to international accounting standard accounts, the company said in a statement emailed to news services.

A cut in profit tax to 24 percent from 35 percent helped Aeroflot report a profit. Russians kept flying after the September 11th terrorist attacks in the US, a time when most airlines reported dropping passenger numbers, analysts said.

?A lot of this profit figure is due to the lower tax rate,? said Vladimir Savov, an analyst at Brunswick UBS Warburg in Moscow. ?But this is a profit and you have to place that against the backdrop of the situation in the US and Europe.?

Author: Neftegaz.ru