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Aeroflot Announces First Half 2020 Net Loss of $785.5 Million on 52 Percent Revenue Decline to $2 B

The Aeroflot Group reported on Monday their first half 2020 financial results with a net loss of RUB 58,720 million (USD $785.5 million) on a 52 percent year-over-year revenue decline to RUB 149,352 million (USD $2.01 billion).

Aeroflot Airbus A350-900 Courtesy Airbus

On Monday (August 31, 2020) Russian flag carrier Aeroflot Group (Moscow Exchange: AFLT) announced their first half 2020 financial results. The airline reported an H1 net loss of RUB 58,270 million (USD$ 785.5 million) on a 52% year-over-year revenue decline to RUB 149,352 million (USD $2.01 billion). Aeroflot’s EBITDA for the first half was reported as RUB 11,092 million (USD $149.5 million). In today’s announcement, PJSC Aeroflot’s Deputy CEO for Commerce and Finance, Andrey Chikhanchin, said in part,

“In the second quarter of 2020, and above all in April and May, most of Aeroflot Group’s fleet was grounded following COVID-related restrictions, while the aircraft that continued flying operated with significantly reduced flight hours. The Group’s extensive route network was significantly reduced, and we only operated flights essential to maintaining transport accessibility in the Russian regions and to supply much-needed medical supplies and medicines. As a result, the Group’s passenger traffic reduced by 88.8% in the second quarter. The biggest decrease occurred in April, when the group carried just 229,000 passengers, against 4-5 million before the pandemic. As restrictions started to be lifted the domestic market began to see a gradual recovery – by the end of June Aeroflot Group carried 1.2 million passengers.”

Mr. Chikhanchin continued to explain that the carrier reconfigured aircraft to carry cargo and during the second quarter experienced a 64% increase in cargo revenue compared to the same period last year. The Group also implemented a variety of measures to preserve liquidity, including re-negotiating arrangements with key partners, thereby limiting their second quarter loss to RUB 35.8 billion (USD $482.2 million). In June, the Group receives RUB 70 billion (USD $943.6 million) in guarantees from the Russian Government, which allowed the carrier to secure long-term loans with five-year terms. Additionally, as part of a program to support businesses, the Aeroflot Group has signed one-year agreements for a total of RUB 6.7 billion (USD $90.3 million) at 2% interest and has received a RUB 7.9 billion subsidy (USD $106.5 million). The airline has also applied for tax deferrals as part of their overall effort to preserve liquidity, financial stability and jobs.

Aeroflot Group Reports First Half 2020 Financial Results - Courtesy Aeroflot

Source: Aeroflot Group


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