Deutsche Bank rises stake in Russia’s Aeroflot
Frankfurt-based Deutsche Bank AG, Germany’s largest bank, has increased its stake in Russia’s flagship airline Aeroflot from 1.8% to 8.8%, the carrier said Friday.
The company also said Grabor Trading Overseas Ltd had cut its stake from 12.3% to 4.6%. The trading company is owned by National Reserve Corporation (NRC), controlled by Russian billionaire lawmaker Alexander Lebedev. The government holds 51.1% in Aeroflot, which accounts for 23% of the country’s air passenger flow. The company saw a 16.4% rise in passenger numbers in January-July year-on-year, to 4.6 million people. In 2006, the airline’s net profit was 7.9 billion rubles ($310 million) calculated to Russian Accounting Standards and $258 million according to International Financial Reporting Standards. (rian.ru)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.