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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: China Eastern: fuel hedging loss $900 million AP - 2 hours 11 minutes ago SHANGHAI, China - China Eastern Airlines, one of the country's largest carriers, said it faces a "significant loss" for 2008 after fuel price hedges turned bad to the tune of 6.2 billion yuan ($906 million). The costs associated with the wrong way bets on jet fuel prices will be somewhat offset by lower fuel costs, the airline said in a statement to the Hong Kong Stock Exchange late Sunday. Crude oil prices plunged from about $147 a barrel in July to about $45 a barrel at the end of last year. State-run China Eastern's actual cash loss from fuel hedging was $14.15 million as of the end of last month, it said. "The civil aviation industry is facing an industrywide crisis. In addition, the fourth quarter is the traditional offseason for the aviation industry. It is anticipated that the Company will suffer significant operating losses in 2008," it said. The carrier, based in Shanghai, reported fuel hedging losses of 1.8 billion yuan in October. The latest figures are about double analysts' estimates, the Hong Kong newspaper South China Morning Post reported. Many airlines have been caught out by the reversal in oil prices in the second half of last year. Hong Kong-based carrier Cathay Pacific Airways reported last week that it could lose nearly $1 billion from hedging its jet fuel costs. Air China earlier reported potential hedging losses of 3.1 billion yuan. Financially troubled China Eastern reported an overall net loss of about 2.3 billion yuan in the first three quarters of 2008. It carried 5.4 percent fewer passengers in 2008 than in the year before. The government is injecting 7 billion yuan into the carrier, and billions more into other carriers, to help tide them through the crisis. 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 Oil falls below $40 as investors eye US earningsAP - 39 minutes ago BIS-HIGHLIGHTS-Central bankers attend BIS meeting in BaselReuters - 58 minutes ago Glint of greener cars fails to lift pall from Detroit auto showAFP - 2 hours 11 minutes ago China Eastern: fuel hedging loss $900 millionAP - 2 hours 15 minutes ago Related Articles: Business TOPWRAP 2-Rising job losses fuel global recession fearsReuters - 37 minutes ago Most China stocks rise, financials depress indexReuters - 38 minutes ago Russia allows 2nd rouble weakening in 2 daysReuters - 39 minutes ago Oil falls below $40 as investors eye US earningsAP - 39 minutes ago European stock index futures point to early dropReuters - 40 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain's Prince Harry apologises for racist language Israeli troops push deeper into Gaza's main city Is Tintin gay? Cartoon birthday boy dogged by rumours Swiss bank set to announce record loss: report Kate Winslet wins Golden Globe supporting actress View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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