China Eastern Predicts 60-70% Increase in First-Quarter Profit
By Lena Ge, China Aviation Daily | Apr. 14, 2016
|
China Eastern Airlines predicted a 60-70% growth in its net profit for the first quarter of 2016 due to robust demand and lower fuel prices, according to a quarterly performance forecast released by the airline on Wednesday night.
The Shanghai-based carrier reported net profit of 1.564 billion yuan in Q1 2015. Earnings per share stood at 0.1234 yuan.
The airline attributed the profit hike to robust air traffic demand, lower fuel prices, as well as improved operational efficiency.
From January to March 2016, China Eastern transported a total of 24.37 million passengers and 328 million tonnes of cargo and mail, up 11.2% and 1.4% over the same period last year, respectively.
China Eastern's Shanghai-traded shares rose 4% ahead of its earnings on Thursday morning, lagging a 2% gain of the benchmark index.