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. Last Updated: 07/27/2016

Sheremetyevo Considers Share Sale

Sheremetyevo Airport may sell shares in an initial public offering to finance expansion as demand for air travel grows and a rival Moscow airfield lures customers.

"We are choosing a financial consultant," chief financial officer Dmitry Kalinin said Thursday in a statement.

Sheremetyevo, the base for Aeroflot, has been losing customers to more modern Domodedovo Airport. State-owned Sheremetyevo will be expanded next year to add capacity and improve quality.

Net income fell 24 percent last year to 513 million rubles ($20 million) as the company increased spending on repairs and staff, spokeswoman Olga Devyatkina said Thursday. Revenue increased 18 percent to 20.8 billion rubles.

Sheremetyevo services more than 60 percent of the flights in the country's aviation industry and operates as an international hub for the Sky Team alliance, the company said on its web site. (Bloomberg, MT)