Aeroflot reports 42% profit surge

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Rising passenger numbers and continued cost-cutting helped the Russian carrier post net profit of over $120m last year

Russia's major state-controlled airline Aeroflot grew net profit 41.8% year-on-year to 3.978bn rubles ($126.7m) in 2003 the company has revealed. Performance was boosted by a 6.5% rise in passenger traffic, to 5.8m people, and the airline's continuing cost-cutting and fleet restructuring programmes.

The company anticipated that 2004 traffic would reach 7m, with analysts predicting that Russia's imminent entry into the World Trade Organization would stimulate greater demand in air travel in the region.