Airline returns to profit in core business
By Winny Wang |
March 27, 2010, Saturday
|
Print Edition
Print Edition
CHINA Eastern Group, parent of the country's second-biggest airline, has posted the first profit in its main business for the first two months of this year since losing 14 billion yuan (US$2.05 billion) in 2008.
The parent of China Eastern Airlines, earned 167 million yuan in profit from its core business in the January-February period, with revenue growing about 30 percent year on year to 9.29 billion yuan, Chairman Liu Shaoyong said.
"China Eastern is expected to have a prosperous year bolstered by the World Expo," Liu said during vice transport minister Li Shenglin's visit to the carrier on Thursday.
The Shanghai-based airline carried 7.23 million passengers in the two months, up 11.86 percent from a year earlier. The figure included a 51.92 percent increase in international passenger traffic.
Its cargo volume rose 49.7 percent to 168,200 tons in the period.
According to previous reports, the group expected net profit to reach 600 million yuan last year from 42.4 billion yuan in sales. The main reason for the profit was expected to be gains from fuel hedging.
"Seventy-million people are expected to visit the Shanghai World Expo, and about 10 million people will arrive on airplanes," said Xie Hong, an analyst at China Jianyin Investment Securities.
"We expect China Eastern's net income to be 810 million yuan for 2009, 3.58 billion yuan this year and 4.28 billion yuan in 2011," Xie said.
China Eastern has completed its takeover of Shanghai Airlines in a share swap to increase its market share to more than 50 percent in Shanghai.
The parent of China Eastern Airlines, earned 167 million yuan in profit from its core business in the January-February period, with revenue growing about 30 percent year on year to 9.29 billion yuan, Chairman Liu Shaoyong said.
"China Eastern is expected to have a prosperous year bolstered by the World Expo," Liu said during vice transport minister Li Shenglin's visit to the carrier on Thursday.
The Shanghai-based airline carried 7.23 million passengers in the two months, up 11.86 percent from a year earlier. The figure included a 51.92 percent increase in international passenger traffic.
Its cargo volume rose 49.7 percent to 168,200 tons in the period.
According to previous reports, the group expected net profit to reach 600 million yuan last year from 42.4 billion yuan in sales. The main reason for the profit was expected to be gains from fuel hedging.
"Seventy-million people are expected to visit the Shanghai World Expo, and about 10 million people will arrive on airplanes," said Xie Hong, an analyst at China Jianyin Investment Securities.
"We expect China Eastern's net income to be 810 million yuan for 2009, 3.58 billion yuan this year and 4.28 billion yuan in 2011," Xie said.
China Eastern has completed its takeover of Shanghai Airlines in a share swap to increase its market share to more than 50 percent in Shanghai.
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