Russia's Aeroflot expects 270pc increase in 2009 profits

ACCORDING to preliminary figures, Aeroflot - Russian Airlines, under international financial reporting standards, is set to record a 2.7 times increase in its year-on-year net profit for 2009 to US$100 million.

Net profit under Russian accounting standards is expected to reach RUB1.6 billion ($54 million), with operating profit set to hit RUB5.8 billion ($197 million).

In other news, the Russian Transport Daily Report suggested that Aeroflot would likely issue more stock once it concludes its settlement with the National Reserve Corporation (NRC). Under the proposed agreement, the NRC may be forced to return the management rights for six smaller airlines after previously swiping them away from the flag-carrier by way of presidential orders in 2008 and 2009.

(Source: www.schednet.com)