Expanding fleet size lifts Spring profits
Print Edition
BOOSTED by the expansion of its fleet size, Spring Airlines’ net profit in 2014 soared to 884.2 million yuan (US$142.5 million), about 21 percent more than a year earlier.
China’s leading budget carrier saw its net profit grow from 732 million yuan in 2013, the Shanghai-based airlines said in its annual financial report to the Shanghai Stock Exchange. Its business turnover was 7.3 billion yuan, up 11.64 percent.
“The jump in profit was mainly due to the expansion of its fleet size while the load factor remained over 90 percent,” an airline official told Shanghai Daily yesterday.
The airlines had 46 Airbus A320 passenger aircraft by the end of 2014, including 12 aircraft bought by the airline while others were rented. Spring operates 51 A320s on over 100 routes including international routes to Japan, South Korea and Thailand.
The carrier said its fleet carried a total of 11.4 million passengers last year, up 8.5 percent, and the average load factor was 93.07 percent.
“The market share of low-cost carriers has been growing, especially in Asia-Pacific, from 3 percent in 2003 to 25.7 percent in 2014 that boosted Spring Airlines,” its report said.
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