Chinese carriers report USD18.8m loss in Dec-2012, full year profit down 23%

CAAC announced Chinese carriers reported a loss of CNY120 million (USD18.8 million) in Dec-2012 following a loss of CNY570 million (USD89.1 million) in Nov-2012, according to Yicai. For the full year, Chinese carrier reported a 22.7% year-on-year decline in profit to CNY21,100 million (USD3297 million). Fuel costs fell 2.2% in Dec-2012 while foreign exchange gains fell 83.0% to CNY280 million (USD43.8 million).