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Aeroflot Predicts US$80 000 000 FY Profit

Sat Aug 10, 2002 5:56 am

Aeroflot is expecting to post a US$ 80 000 000 FY profit for the financial year end, quadrupling what it made in the last FY.

"We are hoping for a net profit of $80 million this year; that is what we have put in our budget. We believe we have some possibilities to improve operating margins," Nikolai Kuznetsov said in a conference call.

In H1, Aeroflot made a US$45 000 000 operating profit compared with US$15 000 000 in the last H1.

Aeroflot is cutting costs by slashing loss-making routes and boosting flights to popular destinations. Fuel unproductive aircraft like the IL-62, IL-72 and IL-82 have been grounded. This cost-saving scheme could save the airline US$ 100 000 000.

A UBS Warburg analyst predicts a US$ 20 000 000 profit and says Aeroflot is over optimistic. An analsyt at broker Aton (My note: I never heard of it either), said $80 000 000 could be made through, "accounting manipulation."

More information at the St. Petersburg Times website

Information was gathered from the above hyperlinked webpage. Full information can be viewed by clicking the above hyperlink. My notes are clearly preceded by 'My note:' and are in brackets.
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