Domestic lift helps Aeroflot turn a profit for the third quarter

Aeroflot turned a group profit under Russian accounting standards for the first time since the pandemic in Q3, driven by a strong domestic traffic performance during the period. Financials published today by the Russian airline group show revenues for the three months ending 30 September 2021 more than trebled over the same quarter last year year to Rb126b ($1.8b). It means revenues stood at around three-quarters of pre-crisis levels. This helped Aeroflot post a group gross profit, for the first time in last eight quarters, of Rb8.5b. It posted a net profit of Rb2.9b for the quarter. Aeroflot deputy CE Andrey Chikhanchin says: ”Following consistent improvements in financial performance over several quarters, the company delivered net profit of Rb2.9b in Q3. Our improved financial results were driven largely by demand, which meant a higher volume of domestic traffic – something the company was betting on in the high season.” The group notes passengers on domestic flights during Q3 outstripped pre-crisis levels by more than a quarter. That is largely driven by continued strong growth at budget unit Pobeda. Passenger numbers in September for Pobeda were more than 60% higher than the same month in 2019.<br/>