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 by Staff Writers Beijing (AFP) March 30, 2019
Chinese carriers posted mixed results for 2018 but have warned of stronger headwinds in the coming year, which could continue to put a damper on profits. China Southern Airlines, the country's largest carrier by passenger numbers, reported a 3.71 percent decrease in net profit, posting 8.82 billion yuan ($1.31 billion). This was mainly due to increased operating expenses from higher passenger volume and rising jet fuel prices, the company said in an earnings report filed to the Hong Kong Stock Exchange late Friday. It also warned that big fluctuations in the yuan this year, along with an ongoing increase in oil prices, are likely to weigh down profits. Net profit for the country's second-largest airline by passengers, China Eastern Airlines, slumped 56.98 percent to 2.93 billion yuan in 2018, it reported Friday evening. The airline put this down to an increase in operational costs, chiefly due to the 25 percent jump in jet fuel costs, resulting in additional spending of 6.72 billion yuan. "China's civil aviation industry is expected to continue to maintain a relatively fast pace for development, but (the) domestic and international macro-economic situation and changes in trade relations, oil prices and exchange rate fluctuations will bring uncertainties to the development of the industry," it said. But rival Air China reported a net profit of 7.35 billion yuan, a 1.47 percent increase, in a filing on Wednesday, crediting its push to upscale operations despite the impact of "unfavourable factors" like higher oil prices. The Civil Aviation Administration of China reported in January that the country's aviation sector saw a 10.9 percent jump in passenger traffic in 2018 to 610 million and a 4.6 percent increase in cargo and mail transportation, with the trend set to continue in 2019. el/amu/qan
Cathay Pacific to buy budget airline HK Express for $628 mn Hong Kong (AFP) March 27, 2019 Hong Kong flag carrier Cathay Pacific said on Wednesday it will buy budget airline HK Express for more than US$600 million as it moves to counter competition from the increasing number of low-cost carriers in the region. The move is its first foray into the budget sector and will leave Cathay controlling three of the four airlines at one of Asia's busiest airports at a time of huge growth in the region's air industry. It comes weeks after the carrier said it had swung back into the black in 2018 ... read more
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