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China Eastern Airlines to report smaller losses in profit update
July 17th 2023
China Eastern Airlines (CEA) expects to announce an interim net loss in the range of RMB5.5 billion and RMB6.9 billion (US$770 million to US$967 million) to June 30 almost three times lower than its red ink balance sheet of RMB18.7 billion in the year ago period. Read More » The reduced net losses were the result of a steady recovery in the domestic passenger market and increased air travel demand. “The company seized the opportunity of industry recovery by optimising route and resource allocation, increasing transportation capacity deployment and strengthening cost control,” CEA said in a regulatory filing. “The company put in every effort to increase revenue, reduce costs and significantly improve its operating results, but slower than expected recovery of international flights and the depreciation of RMB against U.S. dollar, indicates the operating results for the first half of 2023 will show a loss,” CEA said.
