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Airline flies into net loss last year
Source: Xinhua |
May 25, 2009, Monday
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Print Edition
Print Edition
SHANGHAI-LISTED Hainan Airlines Co Ltd reported a 1.42 billion yuan (US$208 million) net loss last year due to high oil prices and waning passenger demand.
The company attributed the loss to rising oil prices in the first half of last year and the declining market demand brought by the global economic downturn in the second half of last year, according to its 2008 annual report released on Saturday.
Net profit of the airline, the country's fourth biggest by fleet size, stood at 627 million yuan in 2007.
The airline, based in China's southernmost province of Hainan, flew a total number of 118,854 flights in 2008, a decline of 19.1 percent from 2007, according to the report.
Last week, HNA, partly owned by American billionaire investor George Soros, was granted a capital injection worth 3 billion yuan from the provincial government and parent company HNA Group.
After the capital injection, the assets-liabilities ratio of HNA would decline to about 81 percent.
The company attributed the loss to rising oil prices in the first half of last year and the declining market demand brought by the global economic downturn in the second half of last year, according to its 2008 annual report released on Saturday.
Net profit of the airline, the country's fourth biggest by fleet size, stood at 627 million yuan in 2007.
The airline, based in China's southernmost province of Hainan, flew a total number of 118,854 flights in 2008, a decline of 19.1 percent from 2007, according to the report.
Last week, HNA, partly owned by American billionaire investor George Soros, was granted a capital injection worth 3 billion yuan from the provincial government and parent company HNA Group.
After the capital injection, the assets-liabilities ratio of HNA would decline to about 81 percent.
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