Profits take off at China鈥檚 Big 3 airlines
Print Edition
CHINA’S three biggest airlines reported soaring net profits in 2015 despite the country’s worst economic growth in a quarter of a century, as more Chinese traveled abroad.
Cheaper jet fuel helped the bottom line, but losses from foreign exchange hurt as China’s yuan slid against the US dollar, they said.
China Southern Airlines’ net profit more than doubled last year to 3.74 billion yuan (US$579 million), it said in a statement. The figure fell just short of analysts’ hopes of 3.9 billion yuan, according to an average compiled by Bloomberg News.
“The group seized the opportunity of decreasing fuel prices and increasing outbound tourism, which significantly improved the profit level,” said China Southern, which is Asia’s biggest airline by fleet size with 667 planes.
Air China said separately that its net profit surged 83 percent to 7.06 billion yuan.
“Although low fuel prices have helped to ease the pressure on operating costs, intensified industrial competition and substantial exchange rate fluctuations have posed severe challenges,” it said in a statement.
Air China estimated its net exchange loss at 5.16 billion yuan last year due to the yuan’s depreciation.
China Eastern Airlines posted a just over 33 percent rise in net profit last year to 4.54 billion yuan, its statement said.
“In 2015, the aviation industry benefited from international low crude oil prices but at the same time, it was adversely affected by exchange rate fluctuations,” China Eastern said, adding that average jet fuel prices fell by nearly 40 percent.
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