Monday,December 17,2018

China Eastern Airlines Gained 0.86% Less in 2016 Mainly Due to Exchange Losses

China Eastern Airlines Gained 0.86% Less in 2016 Mainly Due to Exchange Losses

BEIJING, March 31 (Xinhua) – China Eastern Airlines (HK: 0670 ), the second-largest carrier in the country and the mainland by passenger numbers, earned 4.498 billion yuan (652.9 million US dollars, 611 million euros) 2016, 0.86% less than in the previous year, due to exchange losses.

In its 2016 annual report to the Hong Kong Stock Exchange last night, the company explains that, despite low oil prices , China Eastern gained less because of the above-mentioned exchange rate fluctuations, as well as ” International political volatility and terrorist incidents abroad. ”

Although the company’s total turnover increased by 5.3% to 98.904 billion yuan (14.355 billion US dollars, 13.436 billion euros) and fuel expenses were reduced by 3.4% to 19.626 billion yuan Yuan (US $ 2,849 million, 2.666 billion), China Eastern did not contain its expenses.

In fact, operating expenses rose 6.1% to 91.89 billion yuan (13.337 billion US dollars, 12.482 billion euros) in 2016, causing operating profit to fall by 1.1 percent to 12.46 billion yuan Of yuan (1.812 billion US dollars, 1.696 billion).

A total of 101.7 million passengers flew with China Eastern in 2016, 8.5% more than the previous year, which reported revenues of 83.577 billion yuan (12,131 million US dollars, 11,353 million euros), 6.4% higher than in 2015. Main international routes increased, with a 16.8% increase in passengers, while the domestic market rose by 7.4%.

However, the cargo business was affected: it transported 1.4 million tons, 0.3% less than the previous year, and the turnover derived from these activities fell 7.9% to 5,977 Million yuan (867.5 million dollars, 811.9 million euros).

By geographic demarcations, the domestic market advanced 4.1% to 63.73 billion yuan (9.25 billion US dollars, 8,657 million euros), a trend followed by the international, which grew by 8.5% and led to a turnover of 31,658 Million yuan (4.595 billion dollars, 4.3 billion euros).

 

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China Eastern Airlines Gained 0.86% Less in 2016 Mainly Due to Exchange Losses