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Aeroflot full-year profit falls short of estimate

Russian flag-carrier Aeroflot has posted a full-year profit of $85.8 million, despite consolidated revenues falling by more than a quarter.

But the figure is short of a $100 million estimate which chief executive Vitaly Saveliev gave while speaking in London in April.

Revenues for 2009 were down 27% to $3.35 billion, says the airline, but it says the rate of expenditure reduction "outpaced" the decline.

Aeroflot's EBITDA earnings were down by 10.7% to $461 million, although the EBITDA margin increased to 14% against 11% in 2008.

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