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China Eastern profit up 33pc to US$694.2 million as sales rise 4.2pc
SHANGHAI's China Eastern Airlines posted a 33 per cent year-on-year net profit increase to CNY4.5 billion (US$694.2 million) in 2015 drawn on revenues of CNY93.9 billion, up 4.2 per cent.
China Eastern saw its exchange loss jump last year, when the Chinese currency lost nearly four per cent after a sharp devaluation by the central bank in August.
Still, the carrier's net profit was buoyed by low fuel prices, which account for 25 per cent of operating costs. They fell 32.8 per cent year on the year to CNY20.3 billion.
"We will take advantage of the lower oil price environment and China's growing outbound tourism to speed up our internationalisation progress," said China Eastern CEO Ma Xulun.
Ma said the carrier will expand its international capacity 20 per cent this year while increasing domestic capacity 10 per cent.
By 2020, international capacity is expected to account for 50 per cent of the total, up from one-third now, he said.
New routes between Shanghai and European capitals - including Prague, Amsterdam and Madrid - are scheduled to launch in late June.
China Eastern saw its exchange loss jump last year, when the Chinese currency lost nearly four per cent after a sharp devaluation by the central bank in August.
Still, the carrier's net profit was buoyed by low fuel prices, which account for 25 per cent of operating costs. They fell 32.8 per cent year on the year to CNY20.3 billion.
"We will take advantage of the lower oil price environment and China's growing outbound tourism to speed up our internationalisation progress," said China Eastern CEO Ma Xulun.
Ma said the carrier will expand its international capacity 20 per cent this year while increasing domestic capacity 10 per cent.
By 2020, international capacity is expected to account for 50 per cent of the total, up from one-third now, he said.
New routes between Shanghai and European capitals - including Prague, Amsterdam and Madrid - are scheduled to launch in late June.
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