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Spring Airlines posts 21% rise in 2014 net profit
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SPRING Airlines yesterday reported net profit of 884.2 million yuan (US$142 million) in 2014, up about 21 percent from that of 2013.
Spring Airlines, Asia’s biggest low-cost airline by market value, said in a statement to the Shanghai Stock Exchange that revenue was 7.3 billion yuan last year, an 11.64 percent increase from 2013.
“The increase in profit was mainly thanks to the expansion of the fleet size while the load factor remained over 90 percent,” an official with the airline told Shanghai Daily.
The airline had operated 46 Airbus 320 passenger aircraft by the end of 2014, including 12 aircraft bought by the airline and others being rented, according to the report. The aircraft was used by 3.7 years on average. It flies over 100 routes including those to Japan, South Korea and Thailand.
The carrier said in the annual report that its fleet carried a total of 11.4 million passengers last year, or up 8.5 percent, and the average load factor was 93.07 percent.
“The market share of low-cost carriers has been soaring especially in Asia Pacific to 25.7 percent in 2014 from 3 percent in 2003, which offers a great potential for Spring Airlines,” the report said.
The carrier became China’s first budget carrier to go public after its initial public offering raised 2.5 billion yuan on the Shanghai Stock Exchange in January. Its shares jumped by the 44 percent limit on its first day of trading to close at 26.15 yuan from its issue price of 18.16 yuan.
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