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Airline shares surge on good news
By Winny Wang |
January 18, 2010, Monday
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Online Edition
Online Edition
SHARES of two domestic airlines surged today following a cash injection into Air China and forecasts of profit at China Eastern.
Air China, the country's flagship international carrier, said its parent has gained a 1.5 billion yuan (US$219.92 million) injection from the central government, according to its statement on the Shanghai Stock Exchange over the weekend.
It will fund the Beijing-based carrier's purchase of a stake in its cargo venture, the statement said without elaborating when and how the carrier will gain the cash.
Air China is expanding its stake in International Cargo Transport Ltd of China to 100 percent from 76 percent on anticipation of growing cargo business.
It will pay 718 million yuan (US$105 million) to Capital Airports Holding Co for a 24-percent stake in the cargo venture.
Meanwhile, China Eastern, the country's third-largest carrier, said it expects it will make a profit in 2009 thanks to fuel hedging gains and recovering demand.
Air China, the country's flagship international carrier, said its parent has gained a 1.5 billion yuan (US$219.92 million) injection from the central government, according to its statement on the Shanghai Stock Exchange over the weekend.
It will fund the Beijing-based carrier's purchase of a stake in its cargo venture, the statement said without elaborating when and how the carrier will gain the cash.
Air China is expanding its stake in International Cargo Transport Ltd of China to 100 percent from 76 percent on anticipation of growing cargo business.
It will pay 718 million yuan (US$105 million) to Capital Airports Holding Co for a 24-percent stake in the cargo venture.
Meanwhile, China Eastern, the country's third-largest carrier, said it expects it will make a profit in 2009 thanks to fuel hedging gains and recovering demand.
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