Chinese airlines report USD1 billion loss in 2008 - more red ink seen in 2009
2008 was a very difficult year for China's airlines and 2009 is shaping up to be equally challenging. Passenger traffic growth slipped to 3.3% (including a damaging 9% reduction in international traffic), while cargo volumes were flat (+0.2), which contributed to a USD1 billion industry loss. When traffic growth rates fall below GDP growth rates in China, airlines typically lose money.
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