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China’s “Big Three” carriers report positive Q3 performances
November 4th 2016
China’s Big Three state-controlled carriers – Air China, China Eastern Airlines and China Southern Airlines – this week released healthy third-quarter performances and said the overall trend is positive. Read More »
Beijing-based Air China, posted a net profit of 3.8 billion yuan ($560 million) for the quarter, up 62% year-on-year. Its operating revenue increased 2%, to 32 billion yuan, and operating expenses rose 6%, to 23.1 billion yuan.
For the three months, Air China added 7.6% capacity, or 61 billion ASKs, and load factor improved by 1.2%, to 83%.
Air China said: “In spite of the challenges facing the global aviation industry—exchange rate fluctuations, fuel price uncertainty and geo-political risks—the overall market supply and demand trend looks to be positive.”
China Eastern Airlines’ third quarter net profit improved 96% year-on-year, to 3.5 billion yuan ($520 million), Revenue expanded by 5.2%, to 29.1 billion yuan. Operating expenses rose 8.4%, to 22.2 billion yuan.
In Guangzhou, China Southern Airlines said it earned 3.84 billion yuan in the past quarter, a steep 133% year-on-year improvement. Revenue rose 1.8% and operating costs dropped 5.8%. China Southern credited its improved result to reduced currency exchange losses and lower fuel prices.
