PJSC Aeroflot (Moscow Exchange ticker: AFLT) today published its financial results for the first nine months of 2016 in accordance with Russian Accounting Standards (RAS). RAS results are presented on a non-consolidated basis.
Key results for 9M 2016:
- Revenue was RUB 328,366 million, an increase of 20.2% on the same period of the previous year, and was driven by growth of operational indicators, in particular growth of PJSC Aeroflot’s passenger numbers for 9M 2016 of 10.4%, as well as a significant currency effect on FX-denominated revenues of PJSC Aeroflot;
- Cost of sales was RUB 276,059 million, an increase of 18.2% on the same period of the previous year, and was driven by the increased scale of the company’s operations, fleet expansion, as well as currency effects on FX-denominated expenses in 1H 2016 that subsequently slowed down in 3Q 2016;
- Gross profit increased 32.2% year-on-year to RUB 52,307 million, reflecting the fact that revenue grew faster than expenses as a result of effective cost management against increasing passenger volumes, taking into account the factors listed above;
- Net profit was RUB 42,850 million, nearly six times higher than the result for 9M 2015, primarily as a result of improving operational results, additional income, FX and other effects;
- Basic earnings per share in 9M 2016 were RUB 38.58, compared to RUB 6.44 for 9M 2015
PJSC Aeroflot’s passenger numbers increased by 10.4% year-on-year to 21.7 million PAX. Revenue passenger kilometres (RPKs) increased by 11.0% year-on-year to 61,991 million. The load factor increased by 1.8 p.p. to 82.0%.
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