日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

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: 激情小说激情图片激情电影 | 欧美精品国产一区二区三区 | 久草论坛 | 老妇激情毛片免费 | 久久久免费的精品 | 看一天影院 理论片 | 亚洲欧美日韩中文字幕久久 | 亚洲草原天堂 | 国产成人精品久久二区二区 | 亚洲精品午夜国产va久久成人 | 亚洲精品成人 | 日韩黄色在线视频 | 日本午夜免费无码片三汲大片 | 欧美一区在线观看视频 | 嫩草视频在线观看 | 欧美高清色视频在线播放 | 精品久久久久久 | 五月激情综合婷婷 | 欧美日韩专区国产精品 | 久久亚洲精品国产精品紫薇 | 国产精品成人在线 | 97超级碰碰视频在线 | 久久久无码精品亚洲日韩按摩 | 大喷水吹潮magnet | 欧美一区二区三区免费视频 | 日本午夜精品一区二区三区电影 | 国产精品极品美女在线观看免费 | 成人在线国产 | 久久精品 | 亚洲第一成人影院 | 国产小视频在线 | 欧美精品一区二区在线观看 | 日日干夜夜拍 | av国产片| 久久亚洲美女 | 国产99精品| 人人爱人人爽 | 日韩精品久久 | 久热国产在线视频 | 国产香蕉视频在线观看 | 亚洲综合无码一区二区 |