Russian flag-carrier Aeroflot has turned in a first-quarter net loss of Rb6.9 billion ($75.3 million), but states that this is its lowest loss for the period in five years.

It says the result – under Russian accounting standards – illustrates a “trend of progressive improvement”.

Aeroflot says it achieved the performance “without special industry support measures”, pointing out that last year’s first quarter included subsidy income of more than Rb5 billion.

Revenues of Rb145 billion were up by nearly 58%, and substantially exceeded the pre-pandemic first quarter of 2019.


Source: Aeroflot

Aeroflot says it benefited from high passenger revenues over the first three months of 2024

Aeroflot attributes this improvement to expansion of its flight schedule and higher passenger load factor – up 2.5 points to 87%. International passenger numbers rose by 40% while domestic numbers were up by nearly 29%.

Costs were up 47% to Rb143.6 billion as production increased, bringing increased expenditure on fuel, airport charges, and handling. Aeroflot adds that there was a “significant” increase in maintenance costs with higher charges for spares.

“The company continues to perform all necessary technical aircraft repairs, and to adhere to high standards of flight safety,” it points out.

Aeroflot says it turned in a gross profit for the quarter of Rb1.46 billion, contrasting not only with the previous year’s Rb5.9 billion loss but also with the fact that it typically posts a gross loss in the first three months.

Lower currency volatility had a beneficial effect on the company’s performance. Insurance settlements also resulted in a Rb1 billion impact in the quarter.