Expo set to benefit airline
By Winny Wang |
March 17, 2010, Wednesday
|
Print Edition
Print Edition
CHINA'S first budget carrier, Spring Airlines, is expected to earn more than 200 million yuan (US$29.28 million) this year as it will benefit from rising travel demand amid the 2010 Shanghai World Expo.
"We have earned more than 50 million yuan in profit in the first two months of this year, more than double that of a year earlier thanks to the growing economy," Wang Zhenghua, chairman of the Shanghai-based carrier, said yesterday. "If we can maintain the trend during the World Expo, the company is expected to earn more than 200 million yuan this year."
The airline made a profit of 158 million yuan in 2009.
The carrier plans to increase its capacity by 50 percent to 21 airplanes this year to meet the rising demand.
Spring Airlines aims to have 100 aircraft in its fleet by 2015, with about half of them to be purchased, Wang said.
"The airplane purchase is likely to cost us 20 billion yuan, and we will raise the funds through an initial public offering and bank loans," Wang said, adding the IPO is slated for 2011 or 2012.
Citibank, previously a potential underwriter for the carrier, said in 2007 the IPO was expected to raise 8 billion yuan.
It will also launch new domestic and international routes, Wang said.
"We have earned more than 50 million yuan in profit in the first two months of this year, more than double that of a year earlier thanks to the growing economy," Wang Zhenghua, chairman of the Shanghai-based carrier, said yesterday. "If we can maintain the trend during the World Expo, the company is expected to earn more than 200 million yuan this year."
The airline made a profit of 158 million yuan in 2009.
The carrier plans to increase its capacity by 50 percent to 21 airplanes this year to meet the rising demand.
Spring Airlines aims to have 100 aircraft in its fleet by 2015, with about half of them to be purchased, Wang said.
"The airplane purchase is likely to cost us 20 billion yuan, and we will raise the funds through an initial public offering and bank loans," Wang said, adding the IPO is slated for 2011 or 2012.
Citibank, previously a potential underwriter for the carrier, said in 2007 the IPO was expected to raise 8 billion yuan.
It will also launch new domestic and international routes, Wang said.
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