30-Aug-2011 11:38 AM

China Eastern operating profit slips 11% in 1H2011

China Eastern Airlines revenue up 15% – financial highlights for the six months ended 30-Jun-2011:

  • Revenue: USD5950 million, +14.9% year-on-year;
  • Total operating costs: USD5654 million, +17.1%;
    • Fuel: USD2090 million, +33.5%;
    • Labour: USD655.3 million, +19.7%;
  • Operating profit: USD354.8 million, -10.6%;
  • Net profit: USD356.1 million, +29.5%;
  • Passenger numbers: 33.2 million, +10.4%;
  • Passenger load factor: 78.0%, +2.1 ppts;
  • Cargo volume: 666,490 tonnes, -7.3%;
  • Cargo load factor: 60.1%, -0.3 ppt;
  • Yield: USD 88.44 cents, +11.4%;
  • Passenger: USD 10.16 cents, +8.3%;
  • Cargo: USD29.06 cents, -6.1%;
  • Total assets: USD17,024 million, +5.4% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD669.7 million, +39.2% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD14,940 million, +2.8% when compared to period ended 31-Dec-2010. [more]

*Based on the conversion rate at USD1 = CYNY6.4

China Eastern Airlines: “Despite the sound operating efficiency of the Group in the first half of 2011, the Group is fully aware of the challenges ahead, which may hinder its future development. These factors include the increased uncertainty and volatility of the global economy, as the effects of inflation may affect economic recovery and result in a negative impact on the growth of the aviation industry. In addition, the expectation of future interest rate increases in the PRC may further increase the Group’s finance costs. Lastly, pressures relating to the Group’s fuel costs pressure is still relatively high, despite recent decreases in international crude oil prices,” Company statement. Source: China Eastern Airlines, 30-Aug-2011.

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