InfoAnda - China Eastern Airlines suffers $2.2 billion loss

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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 Airlines suffers $2.2 billion loss AP - Thursday, April 16 BEIJING - China Eastern Airlines Ltd., one of China's three major state-owned carriers, said it suffered a 15.3 billion yuan ($2.2 billion) loss for 2008 due to high fuel costs, fewer passengers and a wrong-way bet on fuel hedging contracts. ADVERTISEMENT The loss, equivalent to 3.14 yuan per share, compared with a 2007 profit of 378.6 million yuan or 0.08 yuan per share, the Shanghai-based carrier said Thursday. Financially struggling China Eastern received a 7 billion yuan capital injection from the government last year. The airline warned earlier it faced a significant loss for 2008 after fuel price hedges turned bad to the tune of 6.2 billion yuan. China Eastern also blamed a decline in international travel due to the global financial crisis, record fuel prices and intense domestic competition. "These have a greater impact on the group's results," chairman Liu Shaoyong said in a statement. China's airlines were battered in 2008 by high fuel costs and weak demand following years of double-digit growth. In addition to injections of government money, the major carriers have been exempted from a tax on fuel surcharges from Jan. 1, 2007, through 2010. The government says that will save them a total of 2.5 billion yuan ($360 million). China Eastern is especially weak and tried to bring in Singapore Airlines as a strategic investor in hopes of improving operations. But shareholders rejected that last January after rival Air China Ltd. said it would offer more money in a future bid. China Eastern's revenues fell 3 percent in 2008 to 41 billion yuan ($5.9 billion), while expenses soared 32 percent to 56.8 billion yuan ($8.3 billion), China Eastern said. Fuel costs rose 22 percent to 18.5 billion yuan ($2.7 billion). Passenger revenues fell 5 percent to 34.2 billion yuan ($5 billion). On Wednesday, the country's other major carrier, China Southern Airlines Ltd., reported 4.8 billion yuan ($700 million) loss for 2008 due to fuel costs and slower traffic. ___ China Eastern Airlines Ltd.: http://www.ce-air.com Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy S.Korea fin min sees jobless over 1 mln in AprilReuters - Friday, April 17 Q+A-How will Pakistan's Friends, donors help?Reuters - Friday, April 17 World markets steady ahead of JP Morgan earningsAP - Friday, April 17 FACTBOX-Pakistan's economyReuters - Friday, April 17 Related Articles: Business Swedish museum to exhibit Pirate Bay serverAP - 2 hours 8 minutes ago Wall Street set for a mixed openingAP - Friday, April 17 RPT-Turk bonds ease before rates decision, stocks jumpReuters - 2 hours 29 minutes ago RPT-UPDATE 1-France's Dassault out of India fighter dealReuters - 2 hours 31 minutes ago FTSEurofirst index rises above 800-mark, banks upReuters - 2 hours 41 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Bad mood, better recall, researchers find Police nab Norwegian pair during high-speed sex French warship detains pirates, US urges action Harry Potter actor arrested over cannabis find US economy contracts further, remains weak: Fed 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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