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August 5, 2009

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Home » Business » Transport

Carrier set to fly into loss in H1

SHANGHAI Airlines expects a loss for the first half of this year due to a plunge in cargo volume, the carrier said yesterday.

"The financial crisis and the outbreak of H1N1 virus dampened the aviation market in the first half of this year, especially for cargo income, so the company's subsidiary Shanghai Airlines Cargo Intl Co posted a negative effect on its profit," the carrier said in a preliminary earnings report to the Shanghai Stock Exchange.

Shanghai Airlines flew to a net profit of 23 million yuan (US$3.37 million) in the first half of last year, or 0.02 yuan per share.

The company will release its financial results for the first half of this year later this month.

The country's fifth-largest carrier has received a special trading limit - a daily trading cap of 5 percent in either direction - after reporting losses for two straight years. Shanghai Airlines lost 1.25 billion yuan last year and 435 million yuan in 2007.


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