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China Eastern Airlines reports fall in operating profits, outlook cautious


China Eastern Airlines, China’s third largest carrier by market value, has reported a fall in operating profits as costs outpaced revenue growth. Chairman Liu Shaoyong also cautioned the carrier’s full year performance would reflect the uncertain global economic conditions. Concerns also centre around the widely expected interest rate rise in China, which would increase the company's financial burden, in addition to continued high fuel costs. [2672 words]

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  • Operating profits weaken by 11%. Weaker margins than peers
  • 15% increase in revenues outpaced by 17% operating expense increase
  • 10% passenger growth. Load factor and yield improvements ¬†
  • Cargo volumes weaken 7%. Yields down 6%
  • China Eastern's short-term reprieve from high speed rail problems
  • China Eastern to add 18 aircraft in 2H2011; 49 aircraft in 2012
  • Eight new domestic routes, one new international and two freight routes in 1H2011
  • China Eastern joins SkyTeam. Expects additional USD154m revenue from alliance
  • Outlook: Pressures to intensify

Graphs and data:

  • China Eastern Airlines operating profit margin vs net profit margin: 2006 to 1H2011
  • Shares Comparison for Hainan Airlines, China Southern, China Eastern Airlines, Air China for the Last 12 Months
  • China Eastern Airlines revenue growth vs operating costs growth: 2006 to 1H2011
  • China Eastern Airlines Passenger Numbers (2009 to 2011)
  • China Eastern Airlines Passenger Load Factor (2009 to 2011)
  • Top 15 international airlines to/from China by seats: 29-Aug-2011 to 04-Sep-2011
  • China Eastern Airlines Cargo Volume (2009 to 2011)
  • China Eastern Airlines Cargo Load Factor (2009 to 2011)
  • Beijing Capital International Airport to Shanghai Hongqiao Airport (seats per week, one way): 04-Jul-11 to 19-Feb-12
  • Beijing Capital International Airport to Shanghai PuDong Airport (seats per week, one way): 04-Jul-11 to 19-Feb-12
  • China Eastern Airlines fleet plan
  • China capacity (seats) share by alliance¬† (29-Aug-2011 to 04-Sep-2011)
  • China Eastern Airlines operating highlights: Six months ended 30-Jun-2011
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