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China's budget carrier Spring Air net profit up 44pc to US$57 billion
CHINA'S biggest budget carrier Spring Airlines has posted a 44 per cent jump in first-quarter net profit to record CNY366.7 billion (US$57 billion) due to lower fuel prices and growth in Asian travel demand, according to London's Air Cargo News.
The Shanghai-based carrier reported a full year net income rise of 50 per cent to CNY1.3 billion last year, including a foreign-exchange loss of CNY79.1 million, according to a separate company statement.
Crude oil prices fell more than 30 per cent last year, helping lower fuel costs for carriers and boosting the airline's earnings.
But profit growth was tempered by foreign-exchange losses resulting from the yuan's biggest decline since 1994, with the nation's three major state-owned airlines recording a combined $2.5 billion losses from the Chinese government's surprise currency devaluation last year.
The Shanghai-based carrier reported a full year net income rise of 50 per cent to CNY1.3 billion last year, including a foreign-exchange loss of CNY79.1 million, according to a separate company statement.
Crude oil prices fell more than 30 per cent last year, helping lower fuel costs for carriers and boosting the airline's earnings.
But profit growth was tempered by foreign-exchange losses resulting from the yuan's biggest decline since 1994, with the nation's three major state-owned airlines recording a combined $2.5 billion losses from the Chinese government's surprise currency devaluation last year.
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