Russia’s Aeroflot reported 2012 net income of $166 million, down 66% from the year-ago period.

The carrier said the profit drop was due to 2011 share sales in several subsidiaries, including Moscow Insurance Co., Nordavia Airline and Sheremetyevo Refueling Complex, among others. Also, in 2012 Aeroflot included data from its subsidiaries; the carrier said not all subsidiaries are profitable, but it did not specify which were loss-making.

Several carriers in different Russian regions joined Aeroflot at the end of 2011, including Saint Petersburg-based Rossiya Airlines, OrenAir, Vladivostok Avia and SAT Airlines in Russia’s Far East.

Aeroflot’s 2012 revenue rose 51% year-over-year to $8.13 billion. Revenue from the core business increased 59% to $7.1 billion due to passenger growth. In 2012, it carried 17.7 million passengers, up 24.6% from 2011.