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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China Eastern gets 290 mln dollar govt injection AFP - Thursday, May 14 SHANGHAI (AFP) - - China Eastern Airlines said Wednesday it had received a government injection of two billion yuan (290 million dollars) to overcome difficulties amid the financial crisis. ADVERTISEMENT The money will reduce the financial strain faced by China's third-largest carrier, Liu Jiangbo, a vice president of the parent company China Eastern Air Holding Co, said in a statement. "China Eastern has recently received an injection of two billion yuan from the state," Liu said. "Operations have maintained good momentum due to various reform measures and have improved from late last year," he said. The latest capital injection brings the total amount of government aid awarded to the airline in the past six months to nine billion yuan. China Eastern suffered a net loss of 15.3 billion yuan last year due to falling passenger numbers, rising fuel costs and bad bets on fuel hedging contracts. China Eastern said last week it was selling two Airbus A340 jets for 590 million yuan to improve its cash flow. The Shanghai-based airline said in a statement its net profit for the first three months of the year totalled 40.1 million yuan, down 81 percent from 210.8 million a year earlier. The carrier said revaluation gains of 422.0 million yuan in its fuel hedging contracts for the first quarter on higher international oil prices help offset losses from weak travel demand. China Eastern and its bigger rivals, China Southern Airlines and Air China, met strong headwinds last year as a slew of natural disasters and a slowing economy hit air travel. Passenger demand has recovered thanks to Beijing's aggressive efforts to prop up economic growth, with volumes up 14.6 percent in the first quarter, according to the Civil Aviation Administration of China. But analysts said improved passenger numbers and the latest cash injection were unlikely to improve China Eastern's overall financial position given its massive debt, which exceeded its total assets by ten billion yuan at the end of March. "It will lower its financial (debt-related) expenses but the impact is likely to be minimal for such a big company," said Huang Jinxiang, a Beijing-based analyst with Guosen Securities. "Even if it managed to be profitable this year, it would be insufficient to lower its debt ratio significantly," he said. The outlook for China Eastern and the whole aviation industry this year is now highly dependent on severity of the A(H1N1) flu epidemic, which would weakened air travel, Huang said. "They would have swung back into profit had it not been for the flu fears," he said. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Japan cellphone sales log record dropAFP - Thursday, May 14 China Eastern gets 290 mln dollar govt injectionAFP - Thursday, May 14 Australian treasurer blasts budget criticsAFP - Wednesday, May 13 Weakening of China economy 'just temporary'AFP - Wednesday, May 13 Related Articles: Business Bond insurer MBIA posts a profit, shares soarReuters - Tuesday, May 12 SUMMARY-Media speculation on Australia's 2009/10 budgetReuters - Tuesday, May 12 Husky says offshore China well may pump 150 mmcf/dReuters - Tuesday, May 12 GM executives dump stock as trading window opensReuters - Tuesday, May 12 NKorean, Brazilian ministers discuss trade, talksAFP - Tuesday, May 12 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Australian zoo evacuated after orangutan escape British store admits it boobed in bra row Obese young men have less hope of marriage: study Venezuela oil takeovers may leave 22,000 jobless $70-80 good price for oil: French economy minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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