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China’s airlines profitable in 2Q2010 and Jul-2010; more black ink in third quarter

6-Oct-2010

Chinese airline profits are flowing again in 2010 after a recovery in earnings in 2H2009, despite aggressive capacity and network expansion. The CAAC reported that the nation’s carriers achieved combined profits of USD808.2 million in Jul-2010, with overall profits for the aviation industry (including airports) soaring 363.5% to USD948.8 million. Profits for airports totalled USD76.1 million, while ‘other’ profits added USD64.4 million to the overall figure. For airlines, the appreciation of the yuan was once again at the heart of the gains. [3414 words]

Unlock the following content in this report:

Subheadings:

  • Air China – China’s largest carrier by revenues and profitability in 1H2010
  • China Southern – China’s largest carrier by passengers reports largest improvement in net profitability in 1H2010. Highest cost base among the majors
  • China Eastern – Largest revenue and pax growth in 1H2010
  • Hainan Airlines – China’s largest private airline but still some way to catch up to the Big Boys
  • China traffic continues its upward growth trajectory in Aug-2010 driven by strong domestic demand
  • Outlook: Strong passenger growth, a booming economy, a strong Yuan

Graphs and data:

  • CAAC financial highlights: Jul-2010
  • Air China, China Eastern, China Southern and Hainan Airlines financial highlights for the six months ended Jun-2010
  • Air China, China Eastern, China Southern and Hainan Airlines operating profit (loss): 1H2007 to 1H2010
  • Air China, China Eastern, China Southern and Hainan Airlines cost per ASK: 1H2007 to 1H2010
  • China GDP forecast: 2005 to 2011F
  • Air China, China Eastern, China Southern and Hainan Airlines network breakdown: Sep-2010
  • Air China, China Eastern, China Southern and Hainan Airlines in service fleet: Sep-2010
  • Air China, China Eastern, China Southern and Hainan Airlines fleet on firm order: Sep-2010
  • Air China, China Eastern, China Southern and Hainan Airlines revenue growth: 1H2007 to 1H2010
  • Air China, China Eastern, China Southern and Hainan Airlines passenger yield: 1H2007 to 1H2010
  • CAAC traffic highlights: Aug-2010
  • CAAC domestic and international passenger growth: Jan-2009 to Aug-2010
  • Chinese mainland carriers’ passenger numbers and growth: 2003 to 2010F
  • Chinese mainland carriers’ passenger numbers and cargo volume growth: 2005 to 2010F
  • China Southern, Air China, China Eastern and Hainan Airlines share price index: Jan-2010 to Sep-2010
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