Airlines experience mixed fortunes
Updated: 2013-05-01 15:50
By Wang Ying in Shanghai (chinadaily.com.cn)
The four major domestic airlines experienced mixed fortunes in the first quarter.
Air China, the nation’s biggest carrier by market value, saw its revenue fall 0.7 percent to 22.7 billion yuan ($3.68 billion) in the first quarter but net profits increased 4 percent to 249 million yuan.
China Southern Airlines experienced a profit tumble of 82.1 percent to 57 million yuan in the first quarter, and revenue also went down 0.4 percent to 23.6 billion yuan.
China Eastern Airlines reported a loss of 132 million yuan, in stark contrast with the 266 million yuan net profit it made during the same period last year.
Hainan Airlines, the fourth-largest airline in China, reported a 184 million yuan profit in the first three months of 2013, a year-on-year increase of 4.69 percent.
The aggregated profit of the four airlines tumbled 64 percent to 358 million yuan, and their total revenue edged up less than 2 percent to 74.26 billion yuan.