OREANDA-NEWS. May 07, 2014. Aeroflot (Moscow Exchange ticker: AFLT) announces the financial results of JSC Aeroflot for the three months ended 31 March 2014 in accordance with Russian Accounting Standards ("RAS"). RAS results are presented on an unconsolidated basis for JSC Aeroflot only.

1Q 2014 Highlights

Revenue of RUB 46,103 million, an increase of 14.4% year-on-year

Cost of sales of RUB 42,592 million, up 24.2% year-on-year

SG&A of RUB 6,380 million, down 0.8% year on year

Net profit of RUB 3,029 million, up 5.1% year-on-year

Income statement
JSC Aeroflot’s revenue for 1Q 2014 increased to RUB 46,103 million, up 14.4% from RUB 40,315 in 1Q 2013. This increase was primarily due to a significant increase in revenue from passengers carried (+18.4%) due to the increase in traffic in the first three months of 2014, as well as to changes in the exchange rate of the rouble against foreign currencies in light of Aeroflot’s significant volume of traffic on international routes.

Cost of sales for 1Q 2014 was RUB 42,592 million, up 24.2% year-on-year, primarily due to the increased traffic volume as well as costs associated servicing the Company’s expanded fleet, which increased by 29 airplanes between 1Q 2013 and 1Q 2014, and due to fluctuations in the rouble exchange rate to foreign currencies.

Sales, General and Administrative (SG&A) expenses declined by 0.8% year-on-year in 1Q 2014, amounting to RUB 6,380 million. This decrease came despite a 14.4% increase in revenue, demonstrating effective cost controls.

Net profit for 1Q 2014 was RUB 3,029 million, up 5.1% vs. 1Q 2013.

Balance sheet

JSC Aeroflot’s total assets as of 31 March 2014 stood at RUB 120,120 million, an increase of 10.3% from 31 December 2013.

As of 31 March 2014, the Company had long-term liabilities of RUB 13,254 million, a decrease of 8.7% from year-end 2013. Non-current debt as of 31 March 2014 stood at RUB 5,515 million, down 2.7% from 31 December 2013.

JSC Aeroflot’s current debt stood at RUB 1,066 million as of 31 March 2014, up 19.4% from the end of 2013.