Aeroflot announced its financial statement for the three months (ended March 31st 2015) in accordance with Russian Accounting Standards («RAS»), the company’s press-service reports.
RAS results are presented on an unconsolidated basis for Aeroflot only. Key results: revenues - 64,655 million rubles (+40.2% year-on-year); cost of sales - 55,215 million rubles (+29.6% year-on-year); selling, general and administrative expenses - 14,011 million rubles (+119.6% year-on-year); net loss - 4,230 million rubles, said in the Aeroflot’s statement.
Shamil Kurmashov, Aeroflot Deputy CEO, Finance and Revenue Management, said: "The challenging macroeconomic situation remained the primary factor putting pressure on Aeroflot’s financial results in the first quarter of 2015. An overall decrease in consumer demand and ruble’s depreciation negatively affected profitability and compensated the positive effect of strong operational results (in particular, a 9.8% year-on-year increase of the carrier’s passenger traffic)”.
Additional factors that affected the company’s financial results were a consistent pricing policy focused on keeping the passenger traffic against the backdrop of ruble’s depreciation. Moreover, the first quarter is typically a low season for civil aviation.
"Among other factors, which affected the company’s financial results were hedging operations and the social orientation of Aeroflot’s pricing policy.
Despite the fact that the environment remains volatile, we are confident, that Russian market will keep its enormous long-term potential and the Company’s development strategy is in line with the current economic situation," Kurmashov said.
