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Net loss of one of Russia's largest airlines grew 41 times in 2023

Tuesday, 5 March 2024, 13:26
Net loss of one of Russia's largest airlines grew 41 times in 2023
Stock photo: Getty Images

The net loss of the Rossiya airline in 2023 increased 41 times compared to 2022, to 21.6 billion roubles [about US$237 million].

Source: Russian Interfax

Details: The revenue of the Rossiya airline increased by 16% in 2023, reaching 118.4 billion roubles [about US$1.3 billion].

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Short-term liabilities at the end of 2023 amounted to 65.1 billion roubles [about US$714 million], compared to 64 billion roubles [about US$702 million] at the end of 2022; while long-term liabilities cost the airline 239.5 billion roubles [about US$2.6 billion] compared to 208.1 billion roubles [about US$2.3 billion] in 2022.

Rossiya airline is one of the largest airlines in Russia. Its main airports are Pulkovo in St Petersburg and Sheremetyevo in Moscow. The Aeroflot Group controls 75% minus 1 share of Rossiya.

Background:

  • Russia provided more than US$12 billion in government subsidies and loans to keep its aviation industry afloat after Western sanctions implemented in response to the invasion of Ukraine halted the supply of key parts and maintenance services.
  • The UN will not renew contracts with Russian airlines that are due to expire soon in light of the stance taken by the International Civil Aviation Organisation.

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