Aeroflot Profits Push $100 Million

Aeroflot, Russia's biggest airline, said that 2001 profit after capital expenditures rose by 6.2 percent, after the company boosted passenger numbers by a seventh.

The profit totaled 1.31 billion rubles ($41.9 million), up from 1.24 billion rubles the previous year, in results reported to Russian accounting standards. Aeroflot did not give net income before expenditures.

The national airline had said it would end 2001 with a profit, even after a fear of flying following the terrorist attacks in the US eroded passenger revenue. Aeroflot benefited last year after it began in 2000 to shut down many unprofitable flights, many left from the Soviet era, and increase frequency on its most popular routes, mostly to destinations in the European Union.

Aeroflot said that pretax profit rose to 2.9 billion rubles, without giving year-earlier figures. Its annual shareholders' meeting Saturday approved total dividends of 66.7 million rubles, twice the size of the 2000 payout, the company said. It didn't give a per share figure.

Author: Neftegaz.ru