Juneyao Airlines reports H1 results; currency exchange losses affecting all Chinese carriers

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By admin September 22, 2014 14:50

Juneyao Airlines reports H1 results; currency exchange losses affecting all Chinese carriers

Juneyao Airlines has reported a first-half net income of CNY191 million ($31 million), citing the robust growth of domestic market demand.

First-half operating revenue was CNY3.19 billion, although the airline received a government subsidy of CNY57.1 million during the first half. Juneyao did not release figures for its first-half operating expenses or net income for the previous fiscal year.

All of China’s “big three” carriers—Air China, China Eastern and China Southern – have all reported either sharp profit declines or losses due to exchange losses due to a weakening yuan. Juneyao reported first-half exchange losses of CNY23.07 million.

Air China’s first-half exchange losses were CNY721 million; China Eastern, CNY660 million; China Southern, CNY1.05 billion; and Hainan Airlines, CNY337 million.

Juneyao has reported it will still move forward with its plans to launch an IPO in the Shanghai Stock Exchange to fund its fleet expansion. It plans to circulate no more than 200 million shares in order to collect CNY1.98 billion for the introduction of seven A320s. It currently operates a single fleet of 36 A320 aircraft.

admin
By admin September 22, 2014 14:50