Chinese airlines see income decline in August

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP September 25, 2014 21:29

Chinese airlines see income decline in August

Chinese carriers have reported a net income of CNY5.9 billion ($960 million) in August, down 7% compared to net income of CNY6.34 billion in the year-ago period.

Operating revenue for the month climbed 7% to CNY42.5 billion while operating expenses increased 8% to CNY32.6 billion year-over-year. Industry analysts cited the slowdown of market demand growth, especially in the premium market, and the decrease in airfares as main reasons for the profit decline.

In August, domestic airlines reported collective exchange gains of CNY130 million due to appreciation of the yuan. In the first half, China’s airlines posted profit declines and net losses mainly due to yuan depreciation.

Passenger boardings rose 7% to 37 million with an average load factor of 83.1%, down 1.6 points. Cargo traffic volume grew 7% to 500,000 tonnes.

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP September 25, 2014 21:29