Energy News  
AEROSPACE
China Eastern Airlines reports huge loss in 2008

by Staff Writers
 Shanghai (AFP) April 16, 2009
 China Eastern Airlines said it suffered a net loss of 15.3 billion yuan (2.2 billion dollars) last year due to falling passenger numbers, rising fuel costs and bad bets on fuel hedging contracts.

The country's third largest carrier, which posted a net profit of 378.6 million yuan in 2007, said its revenue declined 3.4 percent to 41.1 billion yuan last year.

"The global financial crisis... has resulted in a rapid decline in demand on the international air transportation market which has (had) a greater impact on the group's international business," it said in a statement late Wednesday.

The company said its total operating costs increased by 32.5 percent to 56.8 billion yuan. Costs of aviation fuel, which accounted for around one third of its operating costs, rose 22.3 percent to 18.5 billion yuan.

The company also recorded an expected loss of 6.2 billion yuan from fuel hedging due to "sharp fluctuations in international oil prices."

All major Chinese airlines have been hit by shrinking passenger traffic due to the slowing economy and bad bets on fuel hedging contracts amid volatile oil prices.

But China Eastern, the weakest of China's three biggest airlines, received a seven-billion-yuan bailout from the government last year and the parent of the struggling carrier said last month it would seek more government aid.

China Southern Airlines, China's biggest carrier, said Tuesday it also swung to a net loss, of 4.8 billion yuan last year. Flagship Air China is scheduled to announce 2008 results late Thursday.

Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
 Aerospace News at SpaceMart.com


Memory Foam Mattress Review
SPACE MEDIA NETWORK PROMOTIONS
 Solar Energy Solutions
Tempur-Pedic Mattress Comparison ...
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


AEROSPACE
Airlines fear failure of global climate talks
 Geneva (AFP) April 1, 2009
 Major airlines warned on Wednesday that failure to agree a global approach to emissions trading in climate change talks could hurt their industry by leading to increased taxes and regulation.






ENERGY TECH
  • China sends more patrols to South China Sea: report
  • Analysis: Niger Delta peace possible?
  • Analysis: Brazil adds find to oil bounty
  • U.S. awards $43M for fuel cell research

    • CIVIL NUCLEAR
  • Poland, Estonia urge Lithuania to speed up atomic power project
  • Over 50 nations want to build nuclear plants: report
  • World's largest nuke plant to restart in quake-hit Japan town
  • Slovenia proposes former envoy Petric as new IAEA chief

    • BLUE SKY
  • Iridescent Ice Clouds From Aircraft Wings
  • Deep-Sea Rocks Point To Early Oxygen On Earth
  • Australia issues warning on Hong Kong's dirty air
  • Rendezvous With HALO

    • WOOD PILE
  • Environmentalists oppose Amazon road proposal
  • Potential To Amass More Carbon In Eastern North American Forests
  • Some tree seeds are longtime survivors
  • Indonesia should drop forest carbon credit plan: Greenpeace

    • FARM NEWS
  • EU seeks deep cuts in fishing capacity
  • EU cuts Mediterranean tuna fishing to protect stocks
  • Germany Bans GM Maize: Monsanto Mulls Legal Action
  • Corn, soy yields gain little from genetic engineering: study

    • CAR TECH
  • Britons offered cash grants to buy electric cars
  • GM aims to double China sales
  • Beijing extends post-Olympics car rules: report
  • Netherlands to introduce car trade-in bonus

    • AEROSPACE
  • China Eastern Airlines reports huge loss in 2008
  • Airlines fear failure of global climate talks
  • State takes control of China's first private airline: report
  • Troubled private Chinese airline says president missing

    • NUCLEAR SPACE
  • Nuclear Power In Space - Part 2
  • Nuclear Power In Space
  • Outside View: Nuclear future in space

    • The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement