Profit of companies repairing Airbus and Boeing in Russia decreased by six times

In 2022, the net profit of Russian companies involved in the maintenance and repair of foreign aircraft fell 5.6 times, to RUB 386 million. Their revenue decreased by 2.8%, to 21.7 billion rubles, reported RBC with reference to the companies’ financial statements under RAS.

Most of the revenue (15.6 billion rubles) came from two companies owned by S7 Group and Aeroflot. The largest player in the market S7 Technics reduced revenue by 8.5% (to 11.5 billion rubles), net profit – by 43% (to 1.1 billion rubles). At Aeroflot Technics, revenue increased by 4.9% (to 4.1 billion rubles), while the maximum loss in its history (since 2016) was recorded – 570 million rubles.

An Aeroflot representative said that a third of the loss (190 million rubles) was due to the peculiarities of the new accounting standards. The remaining amount is additional expenses for the procedure for transferring production volumes from Aeroflot’s technical support department to Aeroflot Technics, as well as reducing airliner flight hours in the second quarter of 2022.

In February last year, the European Union announced a ban on the sale, transfer, supply or export of aircraft and any components to Russia. In December Reuters informedthat Russian airlines want to buy planes stuck due to sanctions. According to the Ministry of Transport, as of July 1, 2022 abroad was detained 77 Russian aircraft.

On the situation in the aviation industry – in the material “Kommersant FM” “Prices went up”.