InfoAnda - Air China expects to post 'significant loss' for 2008

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Air China expects to post 'significant loss' for 2008 AFP - Monday, January 19 SHANGHAI (AFP) - - Flag carrier Air China said it expected to post a "significant loss" for last year due to shrinking passenger numbers and misjudged fuel hedging contracts. The announcement marked a dismal cap on what was supposed to be a banner year for Air China after it was named the sole airline sponsor of the Beijing Olympics and joined the Star Alliance group of international carriers. "The company will incur significant loss for the year ended 31 December 2008," the country's second largest carrier in terms of fleet size said in a statement to the Shanghai Stock Exchange before the market opened Monday. The statement confirms that last year was unusually bad for the nation's main carriers, as demand weakened amid the global economic slowdown. The nation's top airline China Southern Airlines and the third biggest carrier China Eastern Airlines have both said they expected to report losses for 2008. Air China attributed the falling demand to the global financial crisis, but added the devastating earthquake in southwestern China in May and restrictions on air travel during the Olympics had also played a role. "The aviation market experienced a general shrinking (in) demand in 2008 and traffic revenue was significantly lower than expected," it said. The company said the fair value loss of fuel hedging contracts, or unrealised paper loss, was 6.8 billion yuan (945 million dollars) as of the end of December as international crude oil prices continued to drop. But it added the drastic fall in oil prices also helped it reduce fuel costs. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy MONEY MARKETS-Dollar rates inch up on banking concernsReuters - 1 hour 36 minutes ago Financial bookmakers see Europe shares open higherReuters - 1 hour 42 minutes ago China to inject 1.5 billion dollars into power sector: reportAFP - 1 hour 46 minutes ago Japan's industrial output drops 8.5 percent in NovemberAFP - 1 hour 47 minutes ago Related Articles: Business Akbank to build $125 mln operations centre-reportReuters - 29 minutes ago US-BUSINESS SummaryReuters - 30 minutes ago Sasken has 70 mln rupees in receivables from Nortel-CFOReuters - 30 minutes ago Thai Tisco sees higher interest margin, Q2 bondsReuters - 31 minutes ago European index futures point to higher startReuters - 32 minutes ago Enlarge Photo Air China expects to post 'significant loss' for 2008 Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson 'Overwhelming emotion' at star-studded inaugural concert Hormone drives sexy women to infidelity, says study All aboard, as Obama takes slow train to power View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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