Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Refund ensures profit for airline
By Winny Wang |
April 30, 2009, Thursday
|
Print Edition
Print Edition
AFTER three straight quarters of losses China Eastern Airlines returned to profit in the first quarter of this year, helped by a refund from an aviation construction fund and a narrower paper loss in fuel hedging contracts.
But its first quarter profit plunged 80.98 percent to 40 million yuan (US$5.86 million), or 0.008 yuan a share, from the same period a year ago, the airline said in a statement to the Shanghai Stock Exchange yesterday. Its revenue dropped 15.68 percent to 8.95 billion yuan.
The refund from the fund by the Civil Aviation Administration of China helped raise China Eastern's non-operating revenue in the period, but the carrier didn't provide the amount. Its paper losses in fuel hedging contracts narrowed by 422 million yuan, the statement said.
"We estimated the refund from the aviation construction fund totaled 800 million yuan," said Li Pan, an analyst at BOC International, adding that without the refund the carrier would have lost 0.26 yuan per share. "The strong rebound in domestic air traffic and lower fuel prices will benefit the carrier more during the peak season."
Liu Shaoyong, chairman of the country's third-largest carrier, said yesterday that it will boost cooperation, such as code-sharing with other airlines to cover more countries and regions.
The carrier is the official airline of the 2010 World Expo forum.
Liu also said that the carrier is studying which aviation alliance it will join and will announce its decision by the end of June.
Some media have quoted Luo Zhuping, board secretary of China Eastern, as saying the carrier plans to join Skyteam in June. But Luo denied yesterday that he said that.
But its first quarter profit plunged 80.98 percent to 40 million yuan (US$5.86 million), or 0.008 yuan a share, from the same period a year ago, the airline said in a statement to the Shanghai Stock Exchange yesterday. Its revenue dropped 15.68 percent to 8.95 billion yuan.
The refund from the fund by the Civil Aviation Administration of China helped raise China Eastern's non-operating revenue in the period, but the carrier didn't provide the amount. Its paper losses in fuel hedging contracts narrowed by 422 million yuan, the statement said.
"We estimated the refund from the aviation construction fund totaled 800 million yuan," said Li Pan, an analyst at BOC International, adding that without the refund the carrier would have lost 0.26 yuan per share. "The strong rebound in domestic air traffic and lower fuel prices will benefit the carrier more during the peak season."
Liu Shaoyong, chairman of the country's third-largest carrier, said yesterday that it will boost cooperation, such as code-sharing with other airlines to cover more countries and regions.
The carrier is the official airline of the 2010 World Expo forum.
Liu also said that the carrier is studying which aviation alliance it will join and will announce its decision by the end of June.
Some media have quoted Luo Zhuping, board secretary of China Eastern, as saying the carrier plans to join Skyteam in June. But Luo denied yesterday that he said that.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
