Airline on high as Q1 net profit takes off
By Winny Wang |
April 21, 2010, Wednesday
|
Print Edition
Print Edition
CHINA Eastern Airlines' net profit soared 18 times in the first quarter of this year on a recovery in air travel demand, gains from fuel hedging and government support measures.
The country's second-biggest carrier by fleet flew back into the black last year after a record loss in 2008.
The Shanghai-based carrier's net income rose to 769.9 million yuan (US$112.8 million), or 0.07 yuan per share, in the first three months of the year, compared with 40.1 million yuan a year earlier, it said in a statement to the Shanghai Stock Exchange yesterday.
Its revenue rose 75 percent to 15.6 billion yuan and its fair value gain, including fuel hedging gains, totaled 452 million yuan in the period, according to the statement.
"The profit boost is contributed by booming air travel and fuel hedging gains," said Ma Xiaoli, an analyst at Citic Securities Co. "It also adjusted its capacity flexibly, and its network has improved after acquiring Shanghai Airlines."
China Eastern carried 14.4 million passengers in the first quarter, a jump of 43 percent from a year ago. It plans to fly 67 million passengers in 2010.
The country's second-biggest carrier by fleet flew back into the black last year after a record loss in 2008.
The Shanghai-based carrier's net income rose to 769.9 million yuan (US$112.8 million), or 0.07 yuan per share, in the first three months of the year, compared with 40.1 million yuan a year earlier, it said in a statement to the Shanghai Stock Exchange yesterday.
Its revenue rose 75 percent to 15.6 billion yuan and its fair value gain, including fuel hedging gains, totaled 452 million yuan in the period, according to the statement.
"The profit boost is contributed by booming air travel and fuel hedging gains," said Ma Xiaoli, an analyst at Citic Securities Co. "It also adjusted its capacity flexibly, and its network has improved after acquiring Shanghai Airlines."
China Eastern carried 14.4 million passengers in the first quarter, a jump of 43 percent from a year ago. It plans to fly 67 million passengers in 2010.
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