BIZCHINA / Top Biz News
Oil prices hit Chinese airlines
(Xinhua)
Updated: 2006-05-23 09:33
Overall losses of China's civil aviation industry amounted to 1.34
billion yuan (167.5 million U.S. dollars) in the first quarter due to
surging oil prices, Shanghai Securities News reported on Monday.
Quoting a report by the General Administration of Civil Aviation of China
(CAAC), the paper said most of the country's major airlines reported
losses from January to March.
However, Shenzhen Airlines, Xiamen Airlines and Hainan Airlines said they
made profits during the three-month period.
An official with Shenzhen Airlines attributed the achievement to a series
of measures to reduce management, labor and maintenance costs.
Shanghai-based China Eastern Airlines said its economic losses came to
955 million yuan (119 million dollars) in the first quarter.
Guangdong-based China Southern Airlines said its net losses amounted to
665 million yuan, predicting the losses would continue in the second
quarter.
CAAC statistics showed the country's airlines transported 35.13 million
passengers and 749,000 tons of cargo in the first quarter, up 20 percent
and 12.5 percent respectively from the same period last year.
The industry's total revenues amounted to 47.43 billion yuan (5.9 billion
dollars), a rise of 21.5 percent year on year. Production costs rose
26.4 percent year-on-year to 48.47 billion yuan (six billion dollars).
(For more biz stories, please visit Industry Updates)
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