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China Eastern reports soaring profits in 2010

31-Mar-2011 11:54 AM

China Eastern Airlines revenue up 89% - financial highlights for the 12 months ended 31-Dec-2010:

  • Revenue: USD11,244 million, +89.3% year-on-year;
  • Total operating costs: USD10,476 million, +78.8%;
    • Fuel: USD3292 million, +76.3%;
    • Labour: USD1362 million, +73.6%;
  • Operating profit: USD867.9 million, +212.8%;
  • Profit before tax: USD825.4 million, +2074%;
  • Government grants: USD100.3 million, -48.9%;
  • Net profit: USD755.3 million, +2838%;
  • Total assets: USD15,742 million, +43.8%;
  • Cash and cash equivalents: USD469.0 million, +77.4%;
  • Total liabilities: USD13,219 million, +23.7%;
  • Passenger numbers: 64.9 million, +47.4%;
    • Domestic: 55.5 million, +46.0%;
    • International: 6.6 million, +58.2%;
    • Regional: 2.9 million, +52.4%;
  • Passenger load factor: 78.0%, +5.8 ppts;
    • Domestic: 79.5%, +4.6 ppts;
    • International: 74.8%, +9.3 ppts;
    • Regional: 73.1%, +6.0 ppts;
  • Passenger yield: USD 9.60 cents, +16.7%;
    • Domestic: USD 9.75 cents, +18.5%;
    • International: USD 9.14 cents, +17.7%;
    • International: USD 11.88 cents, +23.8%;
  • Cargo volume: 1.5 million tonnes, +55.2%;
    • Domestic: 729,010 tonnes, +37.5%;
    • International: 617,120 tonnes, +77.5%;
    • Regional: 118,790 tonnes, +80.1%;
  • Cargo yield: USD 29.71 cents, +16.8%;
    • Domestic: USD 19.50 cents, +13.3%;
    • International: USD 31.08 cents, +14.6%;
    • Regional: USD 69.17 cents, +9.9%;
  • 2011 forecast:
    • Traffic volume: 13,880 million tonne kilometres;
    • Passenger numbers: 70.9 million;
    • Cargo volume: 1.6 million tonnes. [more]

* Based on the conversion rate USD1 = CNY6.564

China Eastern Airlines: “In 2011, the global economy is expected to maintain its slow recovery with a weak foundation. In 2011, the Group will also face a series of challenges: the impact of the 'four-vertical and four-horizontal' express passenger railway network on the Group’s domestic routes; the competition arising from the trend towards oligopoly and forging of alliances on the international market which will have impact on the Group’s international routes; the potential shortage of air-space resources in the PRC and the pressure created by high oil prices, high inflation and economic and trade disputes,” Company statement. Source: China Eastern Airlines, 31-Mar-2011.