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Aeroflot reports rise in net profit - 27 March, 2003

The net profit of Aeroflot Russian Airlines, calculated in compliance with Russian accounting standards, went up 2.5 times to 3,198,469,000 rubles (about $102m) in 2002. The company's operating income amounted to more than 45bn (about $1.43bn) rubles last year, which was 8.4 percent more than in 2001, Aeroflot's Deputy General Director Lev Koshlyakov announced at a press conference today. He stated these results had been audited and approved by the company's executives. According to the official, an increase in profit in 2002 was due to improved cost-effectiveness of air traffic and reduced expenses. In 2003, Aeroflot's passenger traffic is expected to reach 5.7 million passengers compared to 5.5 million in 2002.