Yesterday “Aeroflot” reported for the two quarter of the company. Net profit for the period declined 4.5% to 1,568 billion rubles, while revenue rose 13% to 124,963 billion. We appreciate the reporting as negative. Especially alarming is the rapid growth of the company’s expenses on fuel by 39% of staff (primarily on salaries of the pilots), airport taxes, etc. Apparently, the consolidated financial statements of “Aeroflot” (including “daughters”) for the first half will also be weak.