Net profit of «Aeroflot» according to IFRS for 9 months decreased by 17.2%

© RIA Novosti / Maxim to Bogodeeva in fotosensibile Airbus A320 Aeroflot. Archival photoNet profit of «Aeroflot» according to IFRS for 9 months decreased by 17.2%© RIA Novosti / Maxim to Bogodeeva the image Bank

. Net profit of «Aeroflot» IFRS in January-September decreased by 17.2% compared to the same period last year and amounted to 22.5 billion rubles, follows from the report of the company.

Revenue grew 15.2%, to a level to 466.3 billion.

EBITDA decreased by 11.5%, to 47.2 billion rubles. The EBITDA margin decreased by 3.1 percentage points (PP) to 10.1%. Operating expenses, excluding the cost of aviation fuel increased by 9% compared to the same period last year to 297,534 billion.

Costs of operating lease aircraft amounted to 63,768 billion, an increase of 33.7%, mainly due to a significant expansion of the fleet (the net increase in the number of aircraft under operating lease amounted to 57 aircraft, or 21.8% compared to 30 September 2017), and increases in LIBOR during the first 9 months of 2018 compared to the same period last year (in particular, the average three-month LIBOR rate increased by 1 percentage point, to 2.20%). An additional impact on the costs associated with the acceleration of cost growth in the third quarter amid weakening of the ruble compared to the same period last year.

Net profit of «Aeroflot» according to IFRS for 9 months decreased by 17.2%The new development strategy of «Aeroflot»

Costs for technical aircraft maintenance increased by 22% compared to the same period last year and amounted to 32 billion rubles.

Total debt as of 30 September 2018 declined by 7.6% compared with the figure for 31 December 2017 and $ 96,871 billion. Reduction of the debt burden due to decrease obligations under Finance lease due to the phased withdrawal of the four aircraft and some aircraft as assets for resale. As of September 30, 2018, the amount of undrawn loan facilities available to the group of «Aeroflot» in the largest Russian and international banks, was 81.5 billion rubles.

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