Russia’s Aeroflot warns fuel prices to cost it $732 mln in 2018

Posted By Tony Sanchez / February 5, 2019 / Airlines / 0 Comments

February 5, 2019

Aeroflot estimates rising fuel prices will cost it 48 billion roubles ($732.37 million) for 2018, Russia’s largest airline said on Monday.

Fuel prices have risen at Russian airports along with global oil prices since mid-2017, peaking in the summer.

Aeroflot’s standalone net profit under local accounting rules plunged 10-fold to 2.796 billion roubles, while fuel expenses surged by 41.75 billion roubles, or 47.7 percent, the airline said.

“The consolidated results are expected to show an even greater impact of the increase in jet-fuel prices, estimated at 48 billion roubles for 2018”, Aeroflot said.

The Russian Association for Air Transport Operators, which unites several major Russian carriers, estimated last year that rising fuel prices will cost Russian airlines 75-80 billion roubles in additional spending.

Source: (Reuters)

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