Chinese state-owned airlines profits dip during Q1

Air China has reported a 63% decline in net profit during the first quarter of 2014 to 92.7 million yuan ($14.8 million), revenue rose by 7.5%, however, to 24.4 billion yuan. The drop in profit was due to “net foreign exchange losses arising from the depreciation of renminbi”, the airline said, adding that “operating profit rose because of efficiency gains and lower jet fuel prices”. China Eastern’s net loss widened to 205 million yuan from 131 million yuan during the year-ago period. Revenue rose to 21.8 billion yuan.