Taiwanese carriers' revenue up marginally in Mar-2011
Taiwan's two largest carriers have reported minor year-on-year increases in revenue in Mar-2011. EVA Air reported a 1.6% increase for the month and a 4.5% increase for 1Q2011. China Airlines reported a 1.7% increase for Mar-2011 and a first quarter increase of 1.1%.
China Airlines is expected to report a profit of less than USD34.6 million for 1Q2011, compared with a profit of USD91.1 million in the same period last year, due to the rising cost of fuel. Fuel costs at the airline increased by a little over USD100 million in 1Q2011.
In Chinese airline stocks, Shandong Airlines shares jumped 6.8%, continuing a three-day upward run. On 07-Apr-2011, the carrier FY2011 net profit would improve 70-91% year-on-year growth, to USD24.2 million-27.3 million. Other Chinese carriers also had strong stock gains, with China Southern up 2.8% and China Eastern gaining 2.1%.
Indian airline stocks closed lower: SpiceJet dropped 3.8%, while Kingfisher Airlines was down 3.7% and Jet Airways slipped 3.5%.
Selected Asia-Pacific airline share price movements (% change): 08-Apr-2011