Russian airline Aeroflot increased its net profit 60 percent in 2004, the firm said on Friday, with growing numbers of affluent Russians attracted by its modernised fleet and bigger choice of destinations. Aeroflot said its net profit calculated according to Russian accounting standards was 6.33 billion roubles ($228 million) in 2004, up from 3.978 billion roubles in 2003. The figure is 20 percent higher than a preliminary estimate that Aeroflot gave in February, which was 5.17 billion roubles.
Passenger numbers increased 17.4 percent last year to 6.9 million and this year the carrier expects its net profit to rise a further 13 percent. It also plans to join the SkyTeam marketing alliance of international airlines at the end of this year.
Russian accounting standards are used for calculating dividends but differ greatly from international standards. Aeroflot has not yet released its 2004 results to international standards.
On Thursday Aeroflot's board recommended a near 63 percent increase in the 2004 dividend to 70 kopecks ($0.025) per ordinary share, from last year's 43 kopecks.
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