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Air China, China Eastern profits fall

  05.11.2012    

Two of China's state-owned airlines, Air China and China Eastern Airlines, posted double-digit profit declines year on year on the back of slower demand for air travel amid the global economic downturn, according to the Shipping Gazette. 
The mainland's flag carrier Air China recorded a decrease of 16.5 per cent in net profit to CNY3.17 billion (US$507 million) in the third quarter, while Shanghai-based China Eastern Airlines posted a third quarter net profit fall of 20.4 per cent year on year to CNY2.63 billion due to recent weak cargo traffic.
Air China's revenue rose slightly to CNY28.7 billion in the third quarter compared to CNY28.1 billion in the same period last year. Net profit for the first nine months of this year nearly halved to CNY4.24 billion from CNY7.86 billion, and during the period, revenue rose four per cent to CNY76.3 billion. The Beijing-based carrier hopes to issue bonds pay for 56 new aircraft costing CNY26 billion.
China Eastern's revenue rose 2.8 per cent to CNY25.13 billion in the quarter and 3.6 per cent to CNY65.53 billion in the nine months. Net profit in the first nine months of this year fell 37 per cent to CNY3.63 billion. The Shanghai-based carrier is planning to issue shares to its parent in return for a capital injection of about CNY2 billion.


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