Chinese airlines post Q1 combined loss of US$270m

[Edwin P K 0]

Chinese airlines post Q1 combined loss of US$270m

 

 

SHANGHAI - China's airlines posted a combined first-quarter loss of 2.14 billion yuan (US$270 million) due to higher oil prices, an official newspaper said on Friday.

 

Core revenue from the 12 airlines rose 17.7 per cent over the same quarter last year to 33.3 billion yuan, the China Securities Journal reported, citing data from the General Administration of Civil Aviation of China. However, the airlines' costs rose faster, gaining by 23.5 per cent to 34.98 billion, it said.

 

China's nine government-owned and three private airlines carried 35.13 million passengers during the first quarter of 2006, up 20 per cent from the same period last year, the paper said. They also handled 749,000 tons of cargo, up 12.5 per cent, it said.

 

China Eastern Airlines Corp, Air China Ltd and China Southern Airlines Co are the nation's three biggest carriers. Flights within China accounted for the bulk of traffic, with passenger numbers on domestic routes up 21.1 per cent to 32.12 million, and domestic cargo handled up 14.8 per cent to 563,000 tons, the paper said. It didn't provide year-earlier figures.

 

China's civil aviation sector had 883 planes at the end of the first quarter, 20 more than at the end of last year, the paper said. -- AP