Aeroflot 2018 net profit drops 75% on fuel costs, currency depreciation

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Russia’s Aeroflot Group reported a RUB5.7 billion ($82 million) net profit for 2018, down 75% from RUB23 billion in 2017-a decline the group attributed to higher fuel prices and foreign exchange losses.

“High fuel prices and excess capacity in the market persisted during the low season in 4Q. The correction in oil prices was reflected in jet fuel prices only in December, but had a limited effect, while average jet fuel prices remained above the levels of the previous year. Currency pressures on operating costs in 4Q did not weaken, but rather strengthened”, Aeroflot deputy CEO Andrey Chikhanchin said in a statement.

The company posted a net loss for the fourth quarter (4Q) of RUB16.8 billion, compared to a RUB4.09 billion loss in the year-ago period.

Collected and summarized from the source below by Giang Tan  https://atwonline.com/airline-financials/aeroflot-2018-net-profit-drops-75-fuel-costs-currency-depreciation