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Spring Airlines doubles first-half income
By Winny Wang |
July 22, 2010, Thursday
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Online Edition
Online Edition
CHINA'S first budget carrier Spring Airlines doubled its net income in the first half of this year and plans an initial public offering next year to fund its fleet expansion.
The Shanghai-based carrier earned 160 million yuan (US$23.6 million) in the first half, double that of a year earlier, and its revenue jumped 60 percent to 1.47 billion yuan, the company said at its fifth anniversary ceremony in Shanghai today.
Spring Air has been profitable for five straight years since its launch in 2005, covering more than 50 domestic routes with a fleet size of 20 A320 jets.
Its ticket price is 30 percent lower than other domestic carriers on average, and its load factor is 18.2 percent higher than its domestic rivals.
Zhang Wu'an, a spokesman of the carrier, said Spring Air plans to introduce at least one aircraft every month on average starting next year to expand its fleet size to 100 aircraft by 2015.
The carrier is also on the track to launch an IPO next year to fund its fleet expansion, Zhang said.
The Shanghai-based carrier earned 160 million yuan (US$23.6 million) in the first half, double that of a year earlier, and its revenue jumped 60 percent to 1.47 billion yuan, the company said at its fifth anniversary ceremony in Shanghai today.
Spring Air has been profitable for five straight years since its launch in 2005, covering more than 50 domestic routes with a fleet size of 20 A320 jets.
Its ticket price is 30 percent lower than other domestic carriers on average, and its load factor is 18.2 percent higher than its domestic rivals.
Zhang Wu'an, a spokesman of the carrier, said Spring Air plans to introduce at least one aircraft every month on average starting next year to expand its fleet size to 100 aircraft by 2015.
The carrier is also on the track to launch an IPO next year to fund its fleet expansion, Zhang said.
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