www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Industries

Weaker currency weighs on airline profits in first half

By Wang Wen (China Daily) Updated: 2014-07-22 07:29

A weaker yuan crushed the first-half net profits of China's three largest airlines, statements from the carriers show.

China Eastern Airlines Co Ltd on July 18 estimated that its net profit would be no more than 50 million yuan ($8.06 million) in the first six months, compared with 763 million yuan a year earlier.

Air China Co Ltd, the flag carrier, warned of a profit decline of 55 to 65 percent in the first half of 2014, according to a statement on July 14.

And China Southern Airlines Co Ltd, the largest carrier in China by fleet size, has been hit even harder. An announcement said its first-half net loss was 900 million to 1.1 billion yuan, compared with a year-earlier profit of 339 million yuan.

Weaker currency weighs on airline profits in first half
China Eastern unit shifts to budget carrier
Weaker currency weighs on airline profits in first half
China orders 123 Airbus helicopters 
All cited exchange losses, which resulted from the yuan's depreciation in the first half, while they all posted exchange gains in 2013.

As of June 30, the middle rate for the renminbi was 6.1528 per dollar, down 538 basis points from Jan 1.

The depreciation drove up the carriers' financial expenses, as their liabilities-mostly aircraft purchases-are mainly in dollars, analysts said. They added that China Southern, with the largest fleet, has more dollar-denominated debt than the others, and its profit fell accordingly.

Declining income has also cut the carriers' profit, as China's entire aviation industry is "in recession", said Su Baoliang, an aviation analyst at Citic Securities Co Ltd.

In the first half, the carriers' average load factor declined year-on-year, as did ticket prices, Su said.

"We forecast that the recession of the civil aviation industry in China will persist until the second half of next year," Su said.

The airlines also need to consider the future, as their capacity is increasing faster than demand, Su said.

Macroeconomic growth in China will continue to be slow, he said, and that will affect demand for air services.

"To get more income, the airlines need to control their fleet expansion. We will see slight capacity growth in the next two years," Su said.

In the short term, income is likely to rise in the third quarter, which is the peak travel season, said Huang Jinxiang, an analyst at Haitong Securities Co. At that time, load factors and ticket prices will be higher, Huang said.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 99re6热视频精品免费观看 | 作爱视频在线免费观看 | 久久黄色毛片 | 久久久www免费看片 久久久www免费人成看片 | 国产成人免费观看在线视频 | 欧美在线一区视频 | 麻豆69堂免费视频 | 亚洲成aⅴ人片在线观 | 欧美精品色精品一区二区三区 | 国产精品久久久久久久毛片 | 亚洲精品一区二区久久这里 | 理论片中文字幕 | 9999久久| 美国一级毛片免费 | 午夜刺激爽爽视频免费观看 | 精品国产三级v | 一区二区三区久久 | 国产精品18久久久久久vr | 在线视频一区二区三区四区 | gayxxxxgay中国老头 | 久草国产在线播放 | 欧美jizz18性欧美 | 波野多衣在线观 | 国产精品三级一区二区 | 国产一区二区三区免费看 | 欧美成人久久久 | 成人免费毛片观看 | 美女黄频网站 | 2022免费国产精品福利在线 | 98国内自拍在线视频 | 精品国产一区二区三区在线观看 | 欧美激情亚洲 | 99精品欧美| 性欧美欧美之巨大69 | 成年女人永久免费观看片 | 中文字幕一区二区三区 精品 | a毛片免费全部播放毛 | 国产精品自在线天天看片 | 美女毛片免费看 | 美女张开腿让男人桶的动态图 | 亚洲成人黄色网 |