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China Eastern H1 profit plummets 23%

China Eastern Airlines, the country’s second-biggest carrier by number of passengers, said yesterday that its half-year net profit plunged 23 percent due to weaker domestic demand for air travel.

Net profit for the six months ending on June 30 was 763.3 million yuan (US$124.73 million), compared with 995.1 million yuan in the same period of last year.

Revenue rose 2.7 percent to 41.48 billion yuan.

The airline was cushioned by a net foreign-exchange gain of 1.17 billion yuan for the period as the Chinese yuan appreciated against the US dollar.

Earlier this week, flag carrier Air China reported a 9.9 percent first-half net profit increase, driven by the currency appreciation, while China Southern Airlines saw a 19 percent fall in the same period.


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