China Eastern, Hainan Airlines report 3Q profit increases
Published: November 2, 2011
China Eastern Airlines A330-300. By Rob Finlayson
Shanghai-based China Eastern Airlines (MU) and Hainan Airlines (HU) reported third-quarter profit increases owing to the continuous robust growth of domestic market demand.
MU posted a third-quarter net income of CNY3.31 billion ($ 523 million), up 4.9% over a net profit of CNY3.16 billion in the year-ago quarter. Operating revenue climbed 12% to CNY24. 45 billion while operating expenses rose 13.6% to CNY21.27 billion.
HU reported a third-quarter net profit of CNY1.61 billion, up 31.3% over a net income of CNY1.22 billion compared to the year-ago quarter. Operating revenue climbed 28.3% to CNY7.8 billion against an increase of 27.1% in operating expenses to CNY4.9 billion.
Neither carrier revealed third-quarter traffic figures.
In the first nine months of the year, MU earned a net income of CNY5.76 billion while HU reported a net profit of CNY2.28 billion in the same timeframe.
The Shanghai-based carrier’s operating revenue grew 14% to CNY63.23 billion from January to October while its operating expenses also increased 14% to CNY 58.07 billion. HU’s operating revenue climbed 23% to CNY19.37 billion while operating expenses increased 20.6% to CNY13.642 billion in the same timeframe.