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December 15, 2009

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Profit takes off on high air traffic

A record high air traffic boosted net profit in China's aviation industry to 11.8 billion yuan (US$1.73 billion) in the first 11 months of the year.

The profit figure is a huge improvement for airlines after the industry lost a record 28 billion yuan, according to the Civil Aviation Administration of China yesterday.

Domestic airlines flew 211.48 million passengers through November, a jump of 19.6 percent from a year earlier and the first time they carried more than 200 million passengers annually, the CAAC said on its Website.

Passenger volume grew at a smaller pace in November due to weak demand in the off-peak season, the regulator said without revealing figures. It forecast passenger traffic to maintain its double-digit growth this month.

Cargo volume rose 5.7 percent on an annual basis to 3.98 million tons in the first 11 months. International cargo volume added 0.2 percent in the period, compared with a 3.7 percent decrease through October, the CAAC said.

The CAAC attributed the faster growth to the low base a year earlier, the recovering global economy, China's accelerated industrial output and growing exports.

Domestic carriers have not placed any new orders for aircraft since July 2008 amid the economic recession, said an analyst with Shenyin & Wanguo Securities Co.


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