Page 175 - RusRPTJun24

year earlier, also adjusted for the effect of exchange rate revaluations,” Renaissance Capital commented. Russian national air carrier Aeroflot Group increased its passenger traffic by 22% year on year to 11.5mn passengers, in 1Q24. Out of that, domestic flights carried 8.64mn passengers (+14.9% y/y), while international routes carried 2.88mn passengers (+47.9% y/y). Passenger turnover increased by 31% y/y to 32bn passenger-km, indicating an increase in the length of the average routes, Renaissance Capital commented. On domestic routes, passenger turnover totalled 18.7bn pkm (+16.5% y/y) and on international routes 13.3bn pkm (+58.5% y/y). Seat occupancy for 3M24 increased by 2.1 percentage points to 88%: on domestic flights by 2.2pp y/y to 90.4% and on international flights by 2.7pp y/y to 85.6%. To remind, since 2022 Russian airlines have been in disarray following the sanctions for the Russian military invasion of Ukraine, facing airspace closures and having to return or buy out leased passenger aircraft worth about $20bn from foreign leasing companies.
Aeroflot published operating results for 4M24. The group's passenger traffic increased by 21.7% year-on-year to 15.64 million passengers. In the international transportation segment, the growth was 50% y/y to 3.87 million passengers, and on domestic routes the increase was 14.6% y/y to 11.77 million passengers.
Passenger turnover increased by 30.6% y/y to 43.16 billion pkm, including 17.59 billion pkm on international routes (+60.3% y/y) and 25.57 billion pkm on domestic routes (+15. 9% y/y). Data indicate an increase in transport leverage, especially in the international transport segment. The seat occupancy rate increased by 2.2 percentage points. YoY to 88.6%.
In April 2024, passenger traffic increased by 21.7% y/y to 4.12 million passengers, and passenger turnover increased by 29.9% y/y to 11.13 billion pkm. The seat occupancy rate in April was 89.3% (an increase of 2.6 percentage points y/y).
In 4M24, 75.3 thousand tons of cargo and mail were transported (+17% y/y), and cargo turnover increased by 18.7% y/y to 333 million tkm.
Aeroflot airline passenger traffic during the period increased by 31.3% y/y to 8.69 million passengers, and passenger turnover increased by 35.2% y/y to 27.09 billion pkm, which is slightly better than the average results for the group. The seat occupancy rate was 87.4% (+2.7 p.p. YoY).
9.2.4 Construction & Real estate corporate news
175 RUSSIA Country Report June 2024 www.intellinews.com