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Varying fortunes for rival airlines
Last Updated(Beijing Time):2011-04-29 10:49

China Eastern Airlines saw a 31.54 percent rise in net income in the first quarter of this year thanks to recovery in the global air transport market, while its domestic rival Air China reported a 23 percent fall.

Profit at China Eastern, the country's second-largest carrier by fleet size, climbed to 1 billion yuan (US$15.35 million), and revenue gained 24.6 percent to 11.6 billion yuan, it said in a statement to the Shanghai Stock Exchange yesterday.

"Substantial growth was recorded in our net profit as the company grasped the opportunities brought by the continual recovery in the global air transportation market, increased its operation efficiency and continued to strengthen its revenue management," the Shanghai-based carrier said.

Its financial expenses declined 91.36 percent in the period because of increase in the net foreign exchange gain resulting from the appreciation of the yuan against the US dollar.

Subsidies from the government rose 176.95 percent in the period and investment income grew by 19 times.

Meanwhile, profit at Beijing-based Air China fell to 1.67 billion yuan, the carrier said in a statement to the Shanghai Stock Exchange yesterday. Government subsidies totaled 95 million yuan in the period.

Finance expenses decreased 226.4 percent on a yearly basis as a result of an increase of 543 million yuan in net exchange gain.

Its gains arising from fair value changes fell 91.5 percent due to the sharp decrease in changes of fair value.

Source:China Daily 
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