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China Eastern forecasts a more than 50% decline in 1Q2012 net profit

16-Apr-2012 10:00 AM

China Eastern Airlines stated (13-Apr-2012) it expects to report a more than 50% year-on-year decline in net profit in 1Q2012 from the CNY1013 million (USD158.2 million) it reported in 1Q2011 due to “the slowdown in the growth of the demand in the civil aviation market of passenger traffic and the inadequate demand in the international cargo traffic market”. The carrier also cited the “substantial” increase in the price of jet fuel contributing to higher operating costs for the carrier during 1Q2012. The exchange gains for the carrier were also lower than the previous corresponding period due to the fluctuation of the Chinese yuan. [more – original PR]