Airline’s H1 profit dives nearly 98%
Print Edition
CHINA Eastern Airlines, one of the country’s leading carriers, has posted a 97.76 percent plunge in net profit in the first half of 2014 from the same period of last year.
Its net profit of 14 million yuan (US$2.3 million) was made on revenue of 42.59 billion yuan in the first six months, up 2.68 percent from the same period of last year, according to a statement the airline filed to the Shanghai Stock Exchange yesterday.
The airline attributed the lackluster performance to “geopolitical instability, fewer high-end business travelers and more convenient high-speed railway services.”
China Eastern foresees both opportunities and challenges in the second half of this year as the outlook is mixed because of “uncertainties in global economic recovery, continuous growth in China’s airline market and fierce competition.”
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