China Eastern Q3 profit at 491.53 million yuan but sees full year loss

Beijing (XFNews-ASIA) - China Eastern Airlines reported a third quarter net profit of 491.53 mln yuan but it had a loss for the nine months and it forecast a deficit for the full year.

The Shanghai-based airline's third quarter profit compared with a profit of 673.17 mln yuan for the year ago period.

China Eastern said that fuel prices climbed and core business costs rose 27 pct during the quarter over a year ago but it benefited from a higher value for the yuan currency.

The airline said it passenger traffic in the quarter rose 19 pct to 9.47 mln while its cargo volume saw a gain of 11 pct to 232,700 tons.

The airline said it had core revenues of 10.34 bln yuan for the quarter against 8.28 bln yuan a year ago.

The airline had a loss of 970.23 mln yuan for the nine months against a profit of 262.72 mln for the same period last year. Revenues for the nine months were 26.71 bln yuan against 18.33 bln yuan.