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Air China says yet to receive state aid despite request
Hong Kong (AFP) April 21, 2009 Air China said Tuesday it had asked for state aid to cope with high fuel costs and weakening demand, but Beijing had not yet provided a cash boost to the flag carrier. Chairman Kong Dong said the company had lodged the request at the same time as the other two major Chinese carriers, China Southern Airlines and China Eastern Airlines. But Air China was the only one that had not yet received a bailout. "We made the request together. The whole airline industry was suffering from losses. We believed the government should consider (our request)," he told reporters in Hong Kong. "But as to when and whether the government will inject capital into our airline, it is the government's consideration." Chinese media reports said the airline made the request for an injection of at least three billion yuan (439 million US dollars). The parent of China Southern Airlines has received a capital injection of three billion yuan from the government. China Eastern, the weakest of the three airlines, received a seven-billion-yuan bailout from Beijing last year and is seeking more aid. Air China last week announced a net loss of 9.3 billion yuan for 2008 due to weakened demand, higher fuel costs, and misjudged fuel hedging contracts. China Southern Airlines and China Eastern Airlines also swung into the red last year, with net losses standing at 4.8 billion yuan and 15.3 billion yuan respectively. Share This Article With Planet Earth
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