State-controlled Russian airline Aeroflot posted big increases in third-quarter sales and earnings Monday as it turned around the performance of regional airlines it bought two years ago.
Quarterly net income rose 88 percent to $543.7 million, while revenues climbed to $2.9 billion from $2.4 billion a year earlier.
The airline's shares rose by 3 percent in early trading.
In a statement, chief executive Vitaly Savelyev highlighted attractive ticket pricing, cost control and the successful integration of regional carriers bought from state defense conglomerate Rostech in 2011 as reasons for the strong showing.
Savelyev forecast record passenger numbers at Aeroflot this year. ?
According to its latest plans, the government aims to reduce its 51.17 percent stake in the airline to 25 percent plus one share.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.