Aeroflot Group has reached financial settlements with lessors covering another seven aircraft.

The Russian operator states that two groups of lessors are party to the agreement – although it has not identified the companies involved.

It says terms of the transaction were finalised at the end of 2023 while the technical measures were completed earlier this year.

As a result, it adds, the lessors have “ceased” their claims in relation to the aircraft under Russian insurance policies and lease agreements with Aeroflot.

Neither the aircraft models, nor the specific group carrier using them, has been disclosed.

Ownership of the aircraft has been transferred to the Russian insurance company NSK which paid the settlement sums.

“Aeroflot Group continues negotiations to resolve existing claims with other lessors of foreign-made aircraft,” says the operator, which has previously reached similar settlements with a number of leasing firms.

Aeroflot tail-c-Aeroflot

Source: Aeroflot

Under Russian accounting standards the company turned in a full-year net loss of Rb29.4 billion ($320 million), deeper than the previous year’s Rb14.3 billion deficit.

Aeroflot Group says this loss includes a “significant ‘paper’ effect”, and that – without exchange-rate revaluation – it would have made a net profit of Rb50.5 billion. Subsidy measures to compensate for expenses in 2022 ended in the first quarter of 2023.

The company says financial results for last year showed “sustained improvement”, with better operating performance and higher passenger traffic in both domestic and international segments.

Revenues for the full year were up by nearly 50% to Rb497.5 billion, while cost of sales rose at a slower rate of 28%, and average load factor reached 85.7%.