Russia’s largest airline operator, Aeroflot Group, has become the first beneficiary of financial aid from the government to help withstand the economic consequences of the COVID-19 lockdown.
Aeroflot LCC subsidiary Pobeda Airlines is suspending all flights from Apr. 1 until May 31, following the Russian government’s recommendation for the country’s resorts to halt operations to combat the spread of COVID-19.
Aeroflot Group has become the first Russian carrier to ease its lease burden amid the COVID-19 flight restrictions that come as airlines are already contending with the weakened ruble.
Aeroflot Group reported a 2019 net profit of RUB13.5 billion ($218 million). The group had to restate its 2018 full-year results according to International Financial Reporting Standards (IFRS) requirements, which resulted in a loss of RUB55.7 billion for 2018.
As Aeroflot and Vietnam Airlines prepare to begin codesharing on domestic and international routes in Vietnam and Russia, the two countries are seeking to generate stronger ties and further stimulate traffic.
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