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: 久草青草 | 国产麻豆福利a v在线播放 | 99精品视频一区在线观看miya | 亚洲一级毛片中文字幕 | 日韩欧美高清在线 | 国产三级在线观看播放 | 一级黄免费 | 欧美一级毛片免费网站 | 国产成人一区二区三区免费观看 | 成人做爰视频www片 成人做爰视频www视频 | 在线成人天天鲁夜啪视频 | 92手机看片福利永久国产 | a级免费 | 亚洲欧美另类日本久久影院 | 一级毛片不卡免费看老司机 | 草草影院免费 | 宫女淫春3在线观 | 99精品小视频 | 特级aaaaaaaaa毛片免费视频 | 色综合在 | 黄色激情在线 | 国产一区二区三区精品久久呦 | 国产人成精品综合欧美成人 | 九九视频高清视频免费观看 | 久草在线在线观看 | 久久99国产精品久久 | 国内自拍第1页 | 国产亚洲自在精品久久 | 99精品国产兔费观看久久99 | 久久久小视频 | 操小美女 | 牛人国产偷窥女洗浴在线观看 | 国产日韩精品一区二区 | 久久国产精品1区2区3区网页 | 精品免费国产一区二区三区 | 日韩精品亚洲专区在线观看 | m男亚洲一区中文字幕 | 一级一片在线播放在线观看 | 亚洲人成综合 | 韩国美女豪爽一级毛片 | 成人精品视频一区二区在线 |